DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 1

DataWalk Capital Group

Quarterly report

For the 9-month period ended September 30, 2025.

Wrocław, November 2025.

Wrocław, ... May 2020.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 2

LETTER FROM THE PRESIDENT OF THE MANAGEMENT BOARD

Dear Investors,

As we close the third quarter of 2025, I am pleased to report that the strategic focus we implemented - on

securing large, high-value enterprise accounts and maintaining fiscal discipline - has been positively validated.

Our Q3 performance confirms that DataWalk is successfully transitioning into a scalable enterprise software

business, built on a foundation of unique technology and a compelling economic model.

Proven Growth & Measured Financial Strategy

The most recent figures speak clearly: our year-to-date revenue growth of 100% is a validation that our shift

toward large, strategic clients is succeeding. This acceleration is the result of pursuing high-impact use cases where

our unique hybrid graph architecture delivers a measured, significant advantage to our Customers.

Crucially, this growth has been paired with a prudent resource management. Our deliberate decision to maintain

sustainable spending levels, as noted in the first half of the year, ensured we grew responsibly and built corporate

resilience. As our CFO, Łukasz Socha, stated, "We are focused on revenue growth and the efficient utilization

of resources: people, technology, and capital."

However, success now demands a shift in pace. We recognize that sustained caution carries the inherent cost

in a hyper-competitive, high-growth market. While our two competitors invest hundreds of millions or even

billions of dollars annually in marketing and go-to-market (GTM) activities, our current mandate is not to match

their scale in spending but to aggressively leverage our distinct competitive advantages. To achieve our long-term

goals of global leadership and achieve a top-tier market share, our operational efficiency must now serve as

foundation for accelerated, strategic expansion.

Therefore, we plan a careful acceleration of our spending, particularly in GTM activities. The step is necessary

to scale the business in a way that meets the demonstrated market demand.

Significant Advantage Proven at Premier Customers

Our technology is not merely competitive; it delivers significant advantage to the world's most demanding

financial and government security institutions. We enable our customers to solve problems previously deemed

impossible or very difficult to address.

The magnitude of our contribution is best exemplified by our work with a top US bank and will be summarized

in a case study we will soon publish. We will publicly disclose that our platform has helped this institution stop

tens of millions of dollars per year in fraud - a substantial financial benefit. It is critical to note that this figure is a

measure for just some of their fraud detection processes, while the bank uses DataWalk for many other mission-

critical applications across the enterprise. Our solution provided a level of data agility and cross-line-of-business

crime-fighting speed that was unattainable with legacy systems. The successful expansion of this project is a

template for how our technology drives profound, systemic change across a client’s organization, moving toward

the full enterprise license we target ($6M–$12M/year).

Furthermore, the appointment of Peter Sofarelli - the former North America Sales Head at our competitor

Quantexa - as our new VP of Worldwide Sales, is a powerful form of validation. Peter’s decision to join us, driven

by his personal experience with our platform’s capabilities in the field, confirms that a significant gap exists in the

market for an agile, enterprise-scale AI Knowledge Graph platform like DataWalk. This internal conviction is

driving strong momentum across our customer base: we are seeing significant expansion and success across four

of our five major projects in the commercial sector and similar tendency in the government side of our business.

This proves that initial deals (such as those with Rabobank and Barclays) are foundational steps toward obtaining

a full enterprise license. Our formula for success is clear: it requires dedicated focus and strong execution from

both DataWalk and our clients, enabling astonishing results from our technology deployment.

The European Alternative: Autonomy, Control, and TCO

In the strategic defense and finance sectors across Europe, the choice of an analytical platform is increasingly

defined by imperatives like data sovereignty, transparency, and total cost of ownership (TCO). DataWalk is the

answer to these needs.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 3

Our recent win with a key European security agency validates this story. These institutions are choosing

DataWalk because we deliver world-class analytical capability alongside the crucial, differentiating value of

sovereignty and data autonomy - a clear strategic advantage in the current geopolitical landscape.

Our value proposition is foundational to this success.

Open Platform Philosophy & Control: DataWalk is a self-service COTS platform that gives clients full,

auditable control over their data, models, and system, operating within their existing infrastructure and access

controls. This is essential for organizations demanding transparency over proprietary "black box" approaches.

Superior TCO and Independence: Our hybrid graph architecture is designed for full data and technological

sovereignty, allowing deployment on-premise or in air-gapped environments. This architectural efficiency delivers

a vastly superior economic model, with dramatically lower TCO.

A number of market activities signal a clear European Defense awakening and willingness to rapidly adopt

mission-critical analytical technologies to enhance security and operational agility.

DataWalk competes with Palantir in analytical and investigative intelligence by offering a hybrid-graph

platform for data desiloing and AI enablement with superior TCO and full data control, but we do not compete in

their broader portfolio segments like Battlefield Management Systems or military logistics.

While some solution overlaps exist in the broader analytical landscape, this expanding market confirms the

immense, growing demand for platforms that enable high-impact, context-driven analysis. There is ample space

for market leaders who deliver distinct, essential values like DataWalk's focus on sovereignty, transparency, and

TCO efficiency. This positioning confirms that our product is foundational to the future of high-impact, context-

driven analytics.

In summary, Q3 2025 was a period of strong execution that moved DataWalk from a promising technology to

a proven, scalable enterprise solution. We have validated our strategic focus, prepared for a necessary shift toward

more aggressive market capture, and seen our unique technological advantage confirmed by both customer

successes and top-tier talent acquisition. We remain laser-focused on executing our strategy, delivering exceptional

value to our clients, and building sustainable long-term value for you, our investors.

Sincerely,

Paweł Wieczyński

President of the Management Board, DataWalk S.A.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 4

Sales funnel methodology used by DataWalk Group

Sales funnel analysis is a key tool in managing the sales process and in assessing the effectiveness of sales

activities. It provides an understanding of what stage potential sales projects are at, what chances they have of

succeeding, and also allows you to identify obstacles that may affect the effectiveness of the sales process.

Particularly in industries characterized by long sales cycles, such as the one in which DataWalk Group operates,

funnel analysis makes it possible to assess the potential for sales in the medium term as well as to adjust the action

strategy to increase conversions.

The sales process in the sector in which DataWalk Group operates is characterized by a relatively long cycle. The

average time from qualifying a sales project to signing a contract is 12 to 18 months for medium-sized commercial

clients. For government or large commercial clients, the sales cycle can take as long as 24 to 36 months.

In analyzing the funnel as well as in the broader analysis of the potential of the market in which DataWalk Group

operates, it is important to refer to the Gartner Hype Cycle. According to this methodology, the knowledge graphs

that underpin DataWalk's technology have reached the Slope of Enlightenment phase. This means that the

technology is moving from early adoption to increasingly widespread use in enterprises. In this phase, technology

users are beginning to increasingly appreciate the value of knowledge graphs to support data management,

decision-making and AI applications. Pilot projects are being scaled up, which may indicate a potential shortening

of sales cycles in the future and an increase in the number of projects in the sales funnel.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 5

The chart below shows the key steps in the sales process, leading from prospect acquisition to contract conclusion.

Source: Issuer.

The process of qualifying a sales project, i.e., moving from MQL to SQL, requires meeting key criteria, such as

customer readiness to buy which means, among other things, determining the initial scope of the project,

particularly the budget, and designating a project team on the customer side.

Sales Qualified Leads

(SQL)

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 6

Sales funnel analysis:

The chart below shows historical data on the evolution of SQL value with the value of contracts won (TCV) on a

cumulative basis for the last 12 months (TTM), ending in the quarter, which allows us to assess trends and the

potential for converting projects into actual contracts in the coming periods.

Source: Issuer.

In analyzing the sales funnel, of particular note is the modification of the commercial offer recently announced by

DataWalk. The Group is moving from selling perpetual licenses (perpetual), which by definition do not generate

recurring revenue, to an annual license model. At the same time, the basic license price has increased significantly

- from an average of $300,000 for a perpetual license to a minimum of $560,000 for an annual license. As of Q1

2025, the value of the sales funnel takes into account changes in the offer and price list of individual license types,

including the expected length of contracts for perpetual licenses, which ranges from 2 to 5 years.

Risks and limitations:

Due to the early stage of adaptation of the technology underpinning the DataWalk platform and the Group's market

position, it is important to note that only a portion of sales projects will turn into signed contracts. The data

presented under this methodology, despite their analytical value, cannot be regarded as a forecast of the Group's

future financial performance. They are not a guarantee or assurance that the values indicated will actually be

contracted in the future.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 7

Table of Contents

SELECTED CONSOLIDATED FINANCIAL DATA OF THE DATAWALK CAPITAL GROUP ............................................ 10

SELECTED STANDALONE FINANCIAL DATA OF DATAWALK S.A. ......................................................................... 11

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE DATAWALK GROUP .............................. 14

Interim condensed consolidated statement of financial position of the DataWalk Group ..................................... 14

Interim condensed consolidated income statement with statement of comprehensive income DataWalk Group .. 16

Interim condensed consolidated statement of changes in consolidated equity of the DataWalk Group ................ 18

Interim condensed consolidated statement of cash flows of the DataWalk Group ................................................ 20

SELECTED NOTES AND EXPLANATIONS TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF

THE DATAWALK GROUP ...................................................................................................................................... 21

Note 1.1 Tangible fixed assets ............................................................................................................................... 22

Note 1.2 Changes in tangible fixed assets by type ................................................................................................. 23

Note 2.1 Intangible assets ...................................................................................................................................... 24

Note 2.2 Changes in intangible assets by type ....................................................................................................... 25

Note 2.3 Development costs in progress ................................................................................................................ 26

Note 2.4 Costs of completed development work ................................................................................................... 26

Note 3 Right-of-use assets ..................................................................................................................................... 27

Note 4 Deferred tax assets and liabilities ............................................................................................................... 27

Note 5 Contract assets and liabilities ..................................................................................................................... 29

Note 6.1 Trade receivables (short-term and long-term) ......................................................................................... 30

Note 6.2 Allowance for expected credit losses on trade receivables ...................................................................... 31

Note 7 Other receivables (short-term) .................................................................................................................... 31

Note 8 Financial assets (short-term)....................................................................................................................... 32

Note 9 Accruals (long-term and short-term) .......................................................................................................... 32

Note 10 Cash and cash equivalents ........................................................................................................................ 32

Note 11 Share capital ............................................................................................................................................. 33

Note 12.1 Share premium ...................................................................................................................................... 34

Note 12.2 Changes in share premium from sale of shares above their nominal value ........................................... 34

Note 13 Other capitals ............................................................................................................................................ 34

Note 14 Reserve capital ......................................................................................................................................... 35

Note 15 Lease obligations (long-term and short-term) .......................................................................................... 43

Note 16 Loans and borrowings (long-term and short-term) ................................................................................... 45

Note 17 Incentive program liabilities ..................................................................................................................... 45

Note 18 Trade payables .......................................................................................................................................... 51

Note 19.1 Other provisions (short-term) ................................................................................................................ 52

Note 19.2 Change in other provisions (short-term) ................................................................................................ 52

Note 20.1 Sales revenue - by type .......................................................................................................................... 53

Note 20.2 Sales revenues - territorial structure ...................................................................................................... 53

Note 20.3 Sales revenues - customer groups .......................................................................................................... 53

Note 20.4 Sales revenues - by method of recognition in the profit and loss account ............................................. 54

Note 21 Cost by nature ........................................................................................................................................... 54

Note 22 Other operating income ............................................................................................................................ 55

Note 23 Other operating expenses ......................................................................................................................... 55

Note 24 Financial income ...................................................................................................................................... 55

Note 25 Financial expenses .................................................................................................................................... 56

Note 26 Asset impairment tests .............................................................................................................................. 56

Note 27 Off-balance sheet liabilities ...................................................................................................................... 57

Note 28 Information on operating segments .......................................................................................................... 57

Note 29 Transactions with related entities ............................................................................................................. 61

ADDITIONAL INFORMATION TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE

DATAWALK CAPITAL GROUP .............................................................................................................................. 62

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 8

Basic information ................................................................................................................................................... 63

General information about the Group .................................................................................................................... 63

Basis for the preparation of the financial statements - including a description of circumstances indicating a threat

to continuing operations ......................................................................................................................................... 65

Statement of compliance ........................................................................................................................................ 65

Impact of the political and economic situation in the territory of Ukraine ............................................................ 66

Functional and reporting currency ......................................................................................................................... 66

Estimates and professional judgment ..................................................................................................................... 67

Accounting policies adopted .................................................................................................................................. 67

Changes in applied accounting principles .............................................................................................................. 68

New standards, interpretations ............................................................................................................................... 70

Information on corrections of prior period errors .................................................................................................. 70

Approval of financial statements ........................................................................................................................... 70

Operating segments ................................................................................................................................................ 70

Explanatory commentary regarding seasonality or cyclicality of operations during the interim period ................ 70

Type and amounts of items affecting assets, liabilities, equity, net income or cash flows that are unusual due to

their nature, size or frequency ................................................................................................................................ 70

Information on write-downs of inventories to net realizable value and reversal of such write-downs .................. 71

Information on recognition of impairment loss on financial assets, property, plant and equipment, intangible assets

or other assets and reversal of such loss ................................................................................................................. 71

Information on creation, increase, use and reversal of provisions ......................................................................... 71

Information on deferred tax liabilities and assets ................................................................................................... 72

Issuance, redemption and repayment of non-equity and equity securities ............................................................. 72

Information on events subsequent to the end of the interim period that have not been included in the financial

statements for the interim period ............................................................................................................................ 72

Information on dividends paid (in total or per share), broken down by common shares and other shares ............ 72

In the case of financial instruments measured at fair value - information on change in the manner (method) of its

determination ......................................................................................................................................................... 72

Information on transfers between levels of the fair value hierarchy, which is used for the purpose of measuring the

fair value of financial instruments .......................................................................................................................... 73

Changes in the classification of financial instruments as a result of changes in the purpose or use of these assets

............................................................................................................................................................................... 73

Information on changes in business conditions and economic circumstances that affect the fair value of the entity's

financial assets and financial liabilities, regardless of whether these assets and liabilities are recognized at fair

value or at amortized cost ...................................................................................................................................... 73

Information on significant acquisitions and sales of property, plant and equipment ............................................. 73

Information on commitments made for the purchase of property, plant and equipment ........................................ 73

Information on litigation settlements ..................................................................................................................... 73

Information on outstanding loans or breaches of loan agreements for which no corrective action had been taken by

the end of the reporting period ............................................................................................................................... 74

Information on changes in contingent liabilities and contingent assets that have occurred since the end of the last

fiscal year ............................................................................................................................................................... 74

COMMENTARY AND OTHER ADDITIONAL INFORMATION TO THE QUARTERLY REPORT OF THE DATAWALK CAPITAL

GROUP ................................................................................................................................................................. 76

Summary and analysis of the DataWalk Capital Group's results for the period from January 1 to September 30,

2025. ...................................................................................................................................................................... 76

Description of the Issuer's significant achievements or failures during the period covered by the report, together

with a list of the most important events concerning the Issuer and events and factors, including unusual ones, which

have a significant impact on the financial results in the period from January 1 to September 30, 2025. ............... 88

Personal authorities at DataWalk S.A. ................................................................................................................... 90

Description of changes in the organization of the Issuer's capital group, including as a result of business

combinations, gaining or loss of control over subsidiaries and long-term investments, as well as demergers,

restructurings or discontinued operations, as well as identification of entities subject to consolidation, and in the

case of an issuer that is a parent company which is not required to or may not prepare consolidated financial

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 9

statements under the regulations applicable to it - additionally an indication of the reason and legal basis for the

lack of consolidation .............................................................................................................................................. 92

Shareholding structure of DataWalk S.A. .............................................................................................................. 93

Information on significant court proceedings ........................................................................................................ 96

Information on transactions concluded by the Issuer or its subsidiary with related parties on terms other than market

terms, together with their amounts and information specifying the nature of such transactions ............................ 96

Information on granting by the Issuer or its subsidiary of sureties for credit or loan or granting of guarantees .... 96

Assessment of the possibility of realization of the financial forecasts for 2025 published by the Management Board.

............................................................................................................................................................................... 96

Factors that, in the opinion of the Management Board, will affect the achieved results in the perspective of at least

the next quarter ...................................................................................................................................................... 96

Other information which, in the Issuer's opinion, is important for assessing the personnel, property, financial

situation, financial result of the Group and their changes, as well as information which is important for assessing

the Issuer's Group's ability to fulfill its obligations ................................................................................................ 97

INTERIM CONDENSED FINANCIAL STATEMENTS OF DATAWALK S.A. .................................................................. 98

Interim condensed standalone statement of financial position of DataWalk S.A. ................................................ 99

Interim condensed standalone income statement with statement of comprehensive income DataWalk S.A. ...... 100

Interim condensed standalone statement of changes in equity of the DataWalk S.A. ......................................... 102

Interim condensed standalone statement of cash flows of the DataWalk S.A. .................................................... 104

Accounting principles adopted ............................................................................................................................. 105

Changes in applied accounting principles ............................................................................................................ 105

Estimates and professional judgment ................................................................................................................... 105

Note Investments in subsidiaries (long-term) ...................................................................................................... 106

Note Cost by nature.............................................................................................................................................. 107

APPROVAL FOR PUBLICATION BY THE MANAGEMENT BOARD ........................................................................... 109

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 10

Selected consolidated financial data of the DataWalk Capital Group

The following table presents selected data on the consolidated financial statements of the DataWalk Group.

SELECTED FINANCIAL DATA

as of 01.01.2025

from 01.01.2024

from 01.01.2025

from 01.01.2024

utill 30.09.2025

until 30.09.2024

until 30.09.2025

until 30.09.2024

in PLN thousand

in PLN thousand

in EUR thousand

in EUR thousand

Revenue

31 102

15 547

7 341

3 614

Gross profit (loss) on sales

19 259

3 802

4 546

884

Profit (loss) from operating activities

-58 405

-33 066

-13 786

-7 686

Gross profit (loss)

-58 481

-33 162

-13 804

-7 708

Net profit (loss)

-50 782

-32 272

-11 987

-7 501

Total comprehensive income

-50 709

-32 367

-11 970

-7 523

Number of shares (in units)

6 012 109

5 331 893

6 012 109

5 331 893

Net profit (loss) per share (in PLN/EUR)

-8,45

-6,05

-1,99

-1,41

Net cash flow from operations

-12 013

-11 211

-2 836

-2 606

Net cash flow from operations

-1 196

-15 972

-282

-3 713

Net cash flow from operations

56 202

26 880

13 266

6 248

Total net cash flow

42 993

-303

10 148

-70

SELECTED FINANCIAL DATA

30.09.2025

31.12.2024

30.09.2025

31.12.2024

in PLN thousand

in PLN thousand

in EUR thousand

in EUR thousand

Total assets/liabilities

111 496

58 482

26 116

13 686

Fixed assets

40 781

29 826

9 552

6 980

Current assets

70 715

28 656

16 564

6 706

Equity

5 737

-5 558

1 344

-1 301

Liabilities and provisions for liabilities

105 759

64 040

24 773

14 987

Long-term liabilities

636

1 032

149

241

Short-term liabilities

105 123

63 008

24 624

14 746

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 11

Selected standalone financial data of DataWalk S.A.

The following table presents selected data on the standalone financial statements of DataWalk S.A.

SELECTED FINANCIAL DATA

as of 01.01.2025

from 01.01.2024

from 01.01.2025

from 01.01.2024

till 30.09.2025

until 30.09.2024

until 30.09.2025

until 30.09.2024

in PLN thousand

in PLN thousand

in EUR thousand

in EUR thousand

Revenue

34 332

11 824

8 104

2 748

Gross profit (loss) on sales

25 681

3 669

6 062

853

Profit (loss) from operating activities

-8 678

-20 880

-2 048

-4 853

Gross profit (loss)

-20 763

-28 748

-4 901

-6 682

Net profit (loss)

-20 763

-28 748

-4 901

-6 682

Total comprehensive income

-20 763

-28 748

-4 901

-6 682

Number of shares (in units)

6 012 109

5 331 893

6 012 109

5 331 893

Net profit (loss) per share (in PLN/EUR)

-3,45

-5,39

-0,82

-1,25

Net cash flow from operations

-9 405

-11 595

-2 220

-2 695

Net cash flow from operations

-5 376

-16 639

-1 269

-3 868

Net cash flow from operations

56 211

26 900

13 268

6 253

Total net cash flow

41 430

-1 334

9 779

-310

SELECTED FINANCIAL DATA

30.09.2025

31.12.2024

30.09.2025

31.12.2024

in PLN thousand

in PLN thousand

in EUR thousand

in EUR thousand

Total assets/liabilities

90 993

43 268

21 314

10 126

Fixed assets

23 352

20 096

5 470

4 703

Current assets

67 641

23 172

15 844

5 423

Equity

69 087

27 846

16 183

6 517

Liabilities and provisions for liabilities

21 906

15 423

5 131

3 609

Long-term liabilities

109

427

26

100

Short-term liabilities

21 797

14 996

5 106

3 509

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 12

EUR/PLN exchange rates used:

• Items in the statement of financial position were translated at the average euro exchange rate announced by

the National Bank of Poland as of the end of the reporting period.

Exchange rate as of the last day of

the period

30.09.2025

31.12.2024

1 EUR

4,2692

4,2730

• Items in the statement of profit or loss and other comprehensive income and the statement of cash flows

were translated at the average euro exchange rate, which is the arithmetic mean of the average euro

exchange rates announced by the National Bank of Poland and in effect on the last day of each completed

month of the reporting period.

Average exchange rate for the period

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

1 EUR

4,2365

4,3022

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 13

Interim condensed

Consolidated financial statements

DataWalk Capital Group

Interim condensed consolidated financial statements of the DataWalk Group for the 9-month period

ended September 30, 2025, prepared in accordance with International Accounting Standard No. 34

"Interim Financial Reporting" as endorsed by the EU

Wrocław, November 2025.

Wrocław, ... May 2020.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 14

Interim condensed consolidated financial statements of the DataWalk Group

Interim condensed consolidated statement of financial position of the

DataWalk Group

Assets

Note

no.

30.09.2025

31.12.2024

A

Fixed assets

40 781

29 826

I

Tangible fixed assets

1

83

95

II

Intangible assets

2

16 762

19 033

III

Right-of-use assets

3

432

796

IV

Long-term receivables

6

5 883

172

V

Long-term accruals

9

192

0

VI

Deferred income tax assets

4

17 429

9 730

B

Current assets

70 715

28 656

I

Contract assets

5

927

888

II

Trade receivables

6

6 702

8 872

III

Income tax receivables

13

13

IV

Other receivables

7

1 531

1 192

V

Financial assets

8

91

93

VI

Prepayments

9

1 599

1 099

VII

Cash and cash equivalents

10

59 852

16 499

Total assets

111 496

58 482

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 15

Liabilities

Note

no.

30.09.2025

31.12.2024

A

Equity

5 737

-5 558

Equity attributable to shareholders of the

parent company

5 737

-5 558

I

Share capital

11

638

563

II

Share premium

12

255 849

199 351

III

Other capital reserves

13

9 965

9 965

IV

Retained earnings

-262 824

-213 863

V

Reserve capital

14

52 346

46 915

VI

Financial result for the current year

-50 781

-48 961

VII

Foreign exchange differences on translation

544

472

Non-controlling interests

0

0

B

Long-term liabilities

636

1 032

I

Lease liabilities

15

109

427

II

Loans and borrowings

16

527

605

C

Short-term liabilities

105 123

63 008

I

Trade payables

18

2 996

2 263

II

Lease liabilities

15

423

422

III

Loans and borrowings

16

32

35

IV

Incentive program liabilities

17

91 089

50 459

V

Other liabilities

485

929

VI

Other reserves

19

3 034

1 716

VII

Contract liabilities

5

7 065

7 184

Equity and liabilities

111 496

58 482

Net asset value per share

30.09.2025

31.12.2024

Net asset value

5 737

-5 558

Number of shares (in units)

6 382 988

5 632 988

Net asset value per share (in PLN)

0,90

-0,99

Diluted number of shares (in pcs.)

6 877 290

6 044 362

Diluted net asset value per share (in PLN)

0,83

-0,92

Net asset value per share was calculated in relation to the number of shares of Data Walk S.A. as at the balance

sheet date.

The diluted number of shares includes the estimated number of contingent rights to subscribe for and/or acquire

shares of the Company under the incentive program.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 16

Interim condensed consolidated income statement with statement of

comprehensive income DataWalk Group

Income statement

Note

no.

01.01.2025-

30.09.2025

01.01.2024-

30.09.2024

01.07.2025-

30.09.2025

01.07.2024-

30.09.2024

A

Revenue

20

31 102

15 547

7 337

4 629

License revenue

19 016

3 659

2 863

73

Maintenance revenue

9 797

7 083

3 457

2 176

Professional Services revenue

2 289

4 805

1 017

2 380

B

Cost of revenue

21

11 843

11 746

4 676

3 210

Cost of license revenue

1 676

997

398

275

Cost of maintenance revenue

4 846

4 480

1 823

1 452

Cost of professional services revenue

5 321

6 269

2 454

1 483

C

Gross profit on sales

19 259

3 802

2 661

1 419

Sales and marketing

10 930

11 094

4 165

4 272

Research and development

11 984

7 941

4 927

2 530

Administration and general expenses

7 551

5 680

626

1 593

Incentive program

46 061

8 266

-8 919

-17 513

Other operating income

22

263

293

88

91

Other operating expenses

23

1 213

2 497

18

809

Loss (gain) on expected credit losses

5, 6.2

188

1 683

-70

-470

D

Operating result

-58 405

-33 066

2 003

10 288

Financial income

24

580

131

390

111

Financial expenses

25

656

227

-345

156

E

Profit before tax

-58 481

-33 162

2 737

10 242

Income tax

-7 699

-890

2 213

3 786

F

Net profit (loss)

-50 782

-32 272

525

6 456

Net profit (loss) attributable to:

01.01.2025-

30.09.2025

01.01.2024-

30.09.2024

01.07.2025-

30.09.2025

01.07.2024-

30.09.2024

- shareholders of the parent company

-50 782

-32 272

525

6 456

- non-controlling shareholders

0

0

0

0

Statement of comprehensive income

01.01.2025-

30.09.2025

01.01.2024-

30.09.2024

01.07.2025-

30.09.2025

01.07.2024-

30.09.2024

Net profit (loss)

-50 782

-32 272

525

6 456

Other comprehensive income

73

-95

-100

-142

1. Items not transferred to the financial result

0

0

0

0

2. Items transferred to the financial result, including:

73

-95

100

-142

Foreign exchange differences on the valuation of

entities operating abroad

73

-95

100

-142

Total income

-50 709

-32 367

424

6 314

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 17

Total comprehensive income attributable to:

01.01.2025-

30.09.2025

01.01.2024-

30.09.2024

01.07.2025-

30.09.2025

01.07.2024-

30.09.2024

- shareholders of the parent company

-50 709

-32 367

424

6 314

- non-controlling shareholders

0

0

0

0

Net profit (loss) per share

01.01.2025-

30.09.2025

01.01.2024-

30.09.2024

01.07.2025-

30.09.2025

01.07.2024-

30.09.2024

From continuing operations

Number of shares (in pcs.)

6 012 109

5 331 893

6 012 109

5 632 988

Net profit (loss) per share (in PLN)

-8,45

-6,05

0,09

1,15

Diluted number of shares (in pcs.)

6 476 665

5 339 064

6 476 665

5 678 908

Diluted net profit (loss) per share (in PLN)

-7,84

-6,04

0,08

1,14

The net profit (loss) per share was calculated based on the weighted average number of shares of DataWalk S.A.

for the given period.

The weighted average diluted number of shares includes the estimated number of conditional rights to subscribe

for and/or acquire shares of the Company under the incentive program.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 18

Interim condensed consolidated statement of changes in consolidated equity of the DataWalk Group

Summary of changes

in equity

Share capital

Share

premium

Other capital

reserves

Foreign

exchange

differences on

translation

Reserve

capital

Retained

earnings

Financial

result for the

current year

Equity

attributable

to

shareholders

of the parent

company

Non-

controlling

interests

Total equity

Balance at beginning of

period 01.01.2025

563

199 351

9 965

471

46 915

-213 863

-48 961

-5 559

0

-5 559

Increase (decrease) in

equity

75

56 500

0

73

5 431

-48 961

-1 821

11 297

0

11 297

Total comprehensive

income for the reporting

period, including:

0

0

0

73

0

0

-50 782

-50 709

0

-50 709

- Result for the period

0

0

0

0

0

0

-50 782

-50 782

0

-50 782

- Translation of foreign

units

0

0

0

73

0

0

0

73

0

73

Share capital increase

75

56 500

0

0

0

0

0

56 575

0

56 575

Distribution of profit for

the previous year

allocation to capitals

0

0

0

0

0

-48 961

48 961

0

0

0

Changes in capital arising

under IFRS2

0

0

0

0

5 431

0

0

5 431

0

5 431

Balance at end of period

30.09.2025

638

255 851

9 965

544

52 346

-262 824

-50 782

5 737

0

5 737

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 19

Summary of changes

in equity

Share capital

Share

premium

Other capital

reserves

Foreign

exchange

differences

on

translation

Reserve

capital

Retained

earnings

Financial

result for the

current year

Equity

attributable

to

shareholders

of the parent

company

Non-

controlling

interests

Total equity

Balance as of the

beginning of the period

01.01.2024

513

171 968

9 965

253

43 576

-185 714

-28 149

12 412

0

12 412

Increase (decrease) in

equity

50

27 383

0

-95

2 385

-28 149

-4 123

- 2 549

0

- 2 549

Total comprehensive

income for the reporting

period, including:

0

0

0

-95

0

0

-32 272

-32 367

0

-32 367

- Result for the period

0

0

0

0

0

0

-32 272

-32 272

0

-32 272

- Translation of foreign

units

0

0

0

-95

0

0

0

-95

0

-95

Share capital increase

50

27 383

0

0

0

0

0

27 433

0

27 433

Distribution of profit for

the previous year

allocation to capitals

0

0

0

0

0

-28 149

28 149

0

0

0

Changes in capital arising

under IFRS2

0

0

0

0

2 385

0

0

2 385

0

2 385

Balance at end of period

30.09.2024

563

199 351

9 965

158

45 961

-213 862

-32 272

9 864

0

9 864

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 20

Interim condensed consolidated statement of cash flows of the DataWalk

Group

Statement of cash flows

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Cash flow from operating activities

Net profit (loss)

-50 782

-32 272

Adjustments for items:

- Depreciation

3 026

2 781

- Foreign exchange gains (losses)

-361

-17

- Interest expense

44

55

- Interest and dividend income

-370

-188

- Profit (loss) from investment activities

-1

-135

- Impairment of intangible assets

1 190

2 450

- Cost of share-based payments (equity-settled)

5 431

2 385

- Cost of share-based payments (cash-settled)

40 630

5 881

- Change in receivables

-3 879

8 760

- Change in provisions

1 318

27

- Change in liabilities other than those related to the incentive program

289

-844

- Change in accruals and deferred income

-8 392

-283

- Change in contract assets and liabilities

-157

535

- Other adjustments

0

-345

Net cash flow from operating activities

-12 013

-11 211

Cash flow from investing activities

Expenditures on intangible assets

1 505

4 551

Expenditure on the acquisition of tangible fixed assets

63

22

Proceeds from the sale of tangible fixed assets

0

63

Proceeds from bank deposits over 3 months

90

90

Outflow from bank deposits over 3 months

90

12 090

Proceeds from government subsidies received

0

345

Interest received

373

193

Net cash flow from investing activities

-1 196

-15 972

Cash flows from financing activities

Net proceeds from issuance of shares

56 572

27 433

Repayment of finance lease and bank loan liabilities

326

498

Interest paid (on finance leases and bank loans)

44

55

Net cash from financing activities

56 202

26 880

Net change in cash and cash equivalents

42 993

-303

Cash and cash equivalents at the beginning of the period

16 499

12 210

Change due to exchange rate differences

361

-98

Net change in cash and cash equivalents

43 353

-402

Cash and cash equivalents at the end of the period

59 852

11 808

Selected notes and explanations to the

interim condensed consolidated financial

statements of the DataWalk Group

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 22

Note 1.1 Tangible fixed assets

Information on estimates

At each balance sheet date, the Group assesses whether there are objective indications that a given property, plant

and equipment asset may be impaired. The Company performs the aforementioned tests using the discounted cash

flow method. The Group performed the most recent impairment tests during the preparation of the financial

statements for 2024, ending December 31, 2024.

During the nine months ended September 30, 2025, property, plant and equipment were written down in the

amount of PLN 1 thousand. Details of the write-down are presented in Note 26 - "Asset impairment tests" to these

financial statements.

The value of property, plant and equipment corresponds to their recoverable amount, which was PLN 83 thousand

as of 30.09.2025.

Tangible fixed assets

30.09.2025

31.12.2024

Fixed assets, including:

83

96

- buildings and structures

0

0

- technical equipment and machinery

83

96

- other fixed assets

0

0

Total

83

96

As of 30.09.2025

The Group had a bank loan that was secured by fixed assets. Information on the Group's loans and borrowings is

presented in Note 16 "Loans and borrowings (long-term and short-term)".

Page | 23

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Note 1.2 Changes in tangible fixed assets by type

Data for the period from 01.01.2025 to 30.09.2025

No.

Specification

Buildings and

structures

Technical equipment

and machinery

Other fixed assets

Total

1.

Gross value at the beginning of the period

10

667

19

695

Increases, including:

0

63

0

63

– acquisition

0

63

0

63

Decreases, including:

0

24

0

24

– liquidation and sale

0

24

0

24

2.

Gross value at the end of the period

10

706

19

734

3.

Impairment at the beginning of the period

0

11

0

11

Increases

0

1

0

1

Decreases

0

0

0

0

4.

Impairment at the end of the period

0

12

0

12

5.

Depreciation at the beginning of the period

10

561

18

589

Increases

0

74

0

74

Decreases, including:

0

24

0

24

– liquidation and sale

0

24

0

24

6.

Depreciation at the end of the period

10

611

19

639

7.

Net value at the beginning of the period

0

95

0

96

8.

Net value at the end of the period

0

83

0

83

consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025

(all amounts are in PLN thousands unless otherwise stated)

Page | 24

Note 2.1 Intangible assets

Information on estimates

Data Walk S.A. conducts in-house development work on the development of the DataWalk platform, which aims

to expand this technology on various levels to create a complete IT product that is unique on a global scale.

The development work is carried out based on:

• knowledge developed in the course of ongoing research work,

• information from potential customers, obtained in the process of market research and marketing activities,

conducted at home and abroad,

• demand reported by existing customers at the stage of testing or implementation of software.

At least once a year and at each balance sheet date on which there is a relevant premise, assets with indefinite

useful lives in the form of development costs under development and goodwill are tested for impairment, the

preparation of which requires estimation of the recoverable amount of cash flow generating units. On the other

hand, intangible assets with a definite useful life are tested when there is an indication of impairment. The Group

conducted its most recent impairment tests during the preparation of its financial statements for 2024, ending

December 31, 2024.

In the nine-month period ended September 30, 2025, intangible assets were written down in the amount of PLN

1,178 thousand. Details of the write-down are presented in Note 26 - "Asset impairment tests" to these financial

statements.

The value of intangible assets corresponds to their recoverable amount, which as of September 30, 2025 was PLN

16,762 thousand.

Change in estimate of the economic useful life of DataWalk software

In connection with the release of a new version of DataWalk software (5.0.0, details described in Note 2.3 below),

the Company reassessed the economic useful life of the DataWalk platform. According to IAS/IFRS, the

amortization period of intangible assets should reflect the best estimate of the time over which the entity will derive

economic benefits from the asset. Therefore, due to the dynamic nature of the industry and the rapid pace of

technological change, it was considered that the original 5-year amortization period no longer faithfully reflects

the economic life of the DataWalk system. In the opinion of management, the greatest economic value of this asset

will be realized in the next 3 years.

Consequently, under the current accounting policy, it was decided to shorten the amortization period of the

DataWalk software from 5 years to 3 years, which is a change of estimate under IAS 8. This change was applied

as of on April 19, 2025, i.e. the date on which was put into use with the software version 5.0.0, and thus when the

DataWalk platform developed in the development work to date was considered a commercialized and fully mature

product.

Intangible assets

30.09.2025

31.12.2024

Development costs in progress

0

2 188

Write-downs of development work in progress

0

-88

Costs of completed development work

34 992

33 897

Write-downs on completed development work

-18 230

-16 963

Total

16 762

19 033

Page | 25

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 25

Note 2.2 Changes in intangible assets by type

Data for the period from 01.01.2025 to 30.09.2025

Lp.

Specification

Costs of development

work in progress

Costs of completed

development work

Other intangible assets

Total

1.

Gross value at the beginning of the period

2 188

45 924

332

48 444

Increases, including:

1 505

3 693

0

5 198

– acquisition

1 505

0

0

1 505

– internal transfer

0

3 693

0

3 693

Decreases, including:

3 693

0

0

3 693

– internal transfer

3 693

0

0

3 693

– impairment loss

0

0

0

0

2.

Gross value at the end of the period

0

49 617

332

49 949

3.

Impairment at the beginning of the period

88

16 963

0

17 052

Increases, including:

0

1 266

0

1 266

– impairment allowance

0

1 178

0

1 178

– internal transfer

0

88

0

88

Decreases, including:

88

0

0

88

– impairment allowance

0

0

0

0

– internal transfer

88

0

0

88

4.

Impairment at the end of the period

0

18 230

0

18 230

5.

Depreciation at the beginning of the period

0

12 027

332

12 359

Increases, including:

0

2 598

0

2 598

– depreciation

0

2 598

0

2 598

Decreases

0

0

0

0

6.

Depreciation at the end of the period

0

14 626

332

14 958

7.

Net value at the beginning of the period

2 099

16 934

0

19 033

8.

Net value at the end of the period

0

16 762

0

16 762

As of September 30, 2025 and December 31, 2024, the Group has no loans and borrowings that are secured by intangible assets.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 26

Note 2.3 Development costs in progress

Intangible assets

30.09.2025

31.12.2024

Development costs in progress

0

2 188

Impairment of development work in progress from previous years

-88

-371

Impairment losses on development work in progress accrued in the

period

0

-414

Reclassification of impairment losses on development work in

progress

88

697

Total

0

2 099

On April 19, 2025, following the successful release of version 5.0.0, the Management Board decided to terminate

the capitalization of development costs for DataWalk software. This decision is based on the recognition of the

platform as a mature product, fully commercialized and capable of generating future economic benefits for the

foreseeable future.

For a mature product, the application of the six criteria set forth in IAS 38.57 that allow capitalization of

development work shifts significantly toward proving the incremental value of the improvement. This means that

only those expenditures that demonstrably lead to new or significantly improved functionality, a significant

increase in performance or a measurable extension of the useful life of the software beyond its original expectations

can be capitalized. Bug fixes, performance corrections or routine compliance updates, while necessary for the

survival of the product, generally do not meet this "newness" threshold and should be recognized as period costs.

Given the nature of the software development process, based on agile methodologies and continuous delivery of

updates, applying the traditional approach to capitalizing costs, based on separating the various phases (initial

phase, development phase, post-implementation phase), faces significant practical difficulties. Consequently,

drawing clear boundaries between phases, such as "start" and "end" of the development phase or the product

maintenance phase, becomes, at this stage of product construction, problematic in practice and fraught with a

significant degree of subjectivity.

With this in mind, the Group's management considered that further expenditures on the development of the

platform, while necessary to maintain its competitiveness and quality, no longer meet the stringent criteria of IAS

38, especially in terms of new or significantly improved functionality, a significant increase in performance or a

measurable extension of the software's useful life beyond its original expectations. Accordingly, as of April 19,

2025, all expenditures related to DataWalk software are recognized in the income statement as period costs (and

presented on a cost basis as research and development expenses) .

Note 2.4 Costs of completed development work

Intangible assets

30.09.2025

31.12.2024

Costs of completed development work

49 617

45 924

Impairment of completed development work from previous years

-16 963

-13 457

Impairment for completed development work in the current year

-1 178

-2 809

Accumulated depreciation

-14 626

-12 027

Reclassification of impairment loss on completed development work

-88

-697

Total

16 762

16 934

Costs of completed development work is a balance sheet item created as a result of taking into use as an intangible

asset, technology (DataWalk platform) created in the course of the Company's ongoing development work.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 27

On April 19, 2025, there was a significant increase in the item of costs of completed development work, which

resulted from the release of the DataWalk software (5.0.0), as further described in Note 2.3 - "Development costs

in progress" above.

With the release of the DataWalk platform version 5.0.0, the Company's Management Board reassessed the

economic useful life of the DataWalk platform asset created as part of the development work carried out to date.

As a result, it was decided to shorten the amortization period of the DataWalk software from 5 years to 3 years.

Details on the update of the amortization period are presented in Note 2.1 - "Intangible assets" under "Information

on estimates" above.

During the nine months ended September 30, 2025, the costs of completed development work were subject to an

impairment charge in the amount of PLN 1,178 thousand. Details of the write-down are presented in Note 26 -

"Asset impairment tests" to these financial statements.

The value of the costs of completed development work corresponds to their recoverable value, which amounted to

PLN 16,762 thousand as of September 30, 2025.

Note 3 Right-of-use assets

Information on estimates

At each balance sheet date, the Company assesses whether there are objective indications that a right-of-use asset

may be impaired. The Company performs the aforementioned tests using the discounted cash flow method. The

Company performed the most recent impairment tests during the preparation of the financial statements for 2024,

ending December 31, 2024.

During the nine months ended September 30, 2025, these assets were subject to an impairment charge of PLN 11

thousand. Details of the write-down are presented in Note 26 - "Asset impairment tests" to these financial

statements.

The value of the right-of-use assets corresponds to their recoverable value, which amounted to PLN 432 thousand

as of September 30, 2025.

Data for the period from 01.01.2025 to 30.09.2025

Right-of-use assets

Buildings and

structures

Vehicles

Total

Net value as of 01.01.2025

761

35

796

Increases in balance, due to:

0

0

0

- modifications to current contracts (contract extensions, interest

rate changes)

0

0

0

Decreases in balance, due to:

333

31

364

- depreciation charges for the reporting period

323

31

353

- impairment losses for the reporting period

11

0

11

Net value as of 30.09.2025

428

4

432

Depreciation periods adopted for right-of-use assets have been determined in accordance with the term of the

contracts .

Note 4 Deferred tax assets and liabilities

Information on estimates

The Group assesses at each balance sheet date how much of the deferred tax asset can be realized.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 28

Deferred income tax

30.09.2025

31.12.2024

Balance at the beginning of the period:

Deferred income tax assets

10 488

6 438

Deferred income tax provision

758

387

Deferred tax net at the beginning of the period

9 730

6 050

Change in the period affecting:

Profit or Loss impact (+/-)

7 699

3 679

Other comprehensive income (+/-)

0

0

Deferred tax net at the end of the period, including:

17 429

9 730

Deferred income tax assets

20 385

10 488

Deferred income tax liabilities

2 956

758

The value of deferred tax as of the balance sheet date was significantly affected by the recognition of temporary

differences that result from the Group's RSU-based incentive program. In addition, the Group, applying the

principle of prudence, as of 30.09.2025 recognized a deferred tax asset on other balance sheet items only up to the

amount of the deferred tax liability, i.e. in the amount of PLN 2,519 thousand.

Data for the period from 01.01.2025 to 30.09.2025

Deferred income tax assets

01.01.2025

Change

affecting

on the result

30.09.2025

Provision

758

842

1 600

Revaluation of fixed assets

0

1 356

1 356

Liability under the incentive program

9 730

7 699

17 429

Settlement of tax losses with DataWalk S.A.

8 591

0

8 591

Write-downs of deferred tax assets

-8 591

0

-8 591

Total

10 488

9 897

20 385

Deferred income tax liabilities

01.01.2025

Change

affecting

on the result

30.09.2025

Interest on deposits

47

-47

0

Difference between tax depreciation and balance sheet depreciation

11

-11

0

Contract assets

169

13

181

Contract liabilities

531

-7

524

Uninvoiced receivables

0

2 250

2 250

Total

758

2 198

2 956

For the valuation of deferred tax assets and deferred tax liabilities, the Group adopted tax rates determined on the

basis of the current legislation setting tax rates, in countries where Group companies are subject to income taxation.

For the parent company, the tax rate is 19%, and for the subsidiary it is 21%.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 29

Note 5 Contract assets and liabilities

Information on estimates

Contract assets primarily include goods provided or services rendered, before invoicing to the customer and before

payment of consideration, excluding any amounts presented as receivables.

The Group estimates the amount of impairment losses on customer contract assets in accordance with the

requirements of IFRS 9 Financial Instruments. The simplified approach requires performing a statistical analysis,

which involves making certain assumptions and applying professional judgment.

Assets from the balance sheet valuation of contracts are the result of the preponderance of the stage of completion

of services or delivery of goods in relation to invoices issued. For this type of asset, the Group has fulfilled its

performance obligation, but the right to receive consideration is subject to conditions other than the mere passage

of time, which distinguishes this asset from trade receivables.

Item

30.09.2025

31.12.2024

Contract assets

927

888

Contract liabilities

7 065

7 184

Contract assets

The contract assets presented in the consolidated statement of financial position relate to goods or services

provided to the customer, before the customer has paid the consideration or before the maturity date.

Data for the period from 01.01.2025 to 30.09.2025

Item

Value as of

01.01.2025

Reclassification due

to acquisition of

unconditional right

to payment

Fulfillment of new

benefit obligations

without invoice

Impairment

charge

Value as of

30.09.2025

Maintenance contracts

815

-2 800

2 879

-27

867

Implementation contracts

73

-244

232

-2

59

Total

888

-3 044

3 111

-29

927

The value of revenues was estimated according to the degree of fulfillment of contractual obligations for which

the Group was not yet entitled to issue invoices as of September 30, 2025.

As of September 30, 2025, the Group recognized impairment losses on contract assets for a total of PLN 29,000

using a provision matrix, i.e. on the same basis as for trade receivables and other financial assets (in accordance

with IFRS 9).

Contract liabilities

As part of contractual obligations, the Group recognizes income from the granting of licenses, provision of

maintenance services settled over time, as well as income from implementation services, which results from the

Group's obligation to transfer goods or services to the client in exchange for which the Group has received

remuneration or the amount of remuneration is due.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 30

Data for the period from 01.01.2025 to 30.09.2025.

Contractual obligations

Value as of

01.01.2025

Increases

Decreases

Value as of

30.09.2025

Revenue from maintenance

7 184

6 537

7 622

6 099

Revenue from implementation contracts

0

1 338

372

966

Total

7 184

7 875

7 994

7 065

Note 6.1 Trade receivables (short-term and long-term)

Information on estimates

The Group estimates the amount of allowances for trade receivables in accordance with the requirements of IFRS

9 Financial Instruments. The simplified approach requires the performance of statistical analysis, which involves

making certain assumptions and applying professional judgment.

Trade receivables

30.09.2025

31.12.2024

From other entities, gross, including:

9 234

11 439

- invoiced receivables

2 788

11 439

- non-invoiced receivables

6 446

0

Write-down

-2 532

-2 567

Total

6 702

8 872

Long-term receivables

30.09.2025

31.12.2024

From other entities, gross, including:

6 056

172

- uninvoiced receivables

5 885

0

- deposits

172

172

Write-down

-174

0

Total

5 883

172

The increase in the value of non-invoiced short-term and long-term receivables by a total gross amount of PLN

15,290 thousand is a result of the recognition of revenue from the Group's fulfillment of its obligation to provide

a customer with a license for DataWalk software resulting in the transfer of control over this asset. As a result, the

Group has an unconditional right to consideration as of the balance sheet date, and its receipt depends solely on

the passage of time. Due to the long-term nature of the contract and the payment schedule, the Group has

appropriately segregated the receivable into long-term and short-term portions. The values recognized in the

balance sheet take into account both the discount resulting from the occurrence of the so-called material financing

element, as well as they have been subject to write-downs under IFRS 9. As in the case of invoiced receivables,

these write-downs have been calculated based on the currently applicable provision matrix.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 31

Note 6.2 Allowance for expected credit losses on trade receivables

Data for the period from 01.01.2025 to 30.09.2025

Allowances for trade

receivables

Value as of

01.01.2025

Increases

Decreases

Other

(translation

differences)

Value as of

30.09.2025

From other entities

2 567

380

223

-18

2 706

Total

2 567

380

223

-18

2 706

During the 9-month period ended September 30, 2025, the Group created allowances for trade receivables for a

total of PLN 206 thousand, including for long-term receivables in the amount of PLN 174 thousand, and reversed

previously created allowances for expected credit losses in the amount of PLN 223 thousand.

In accordance with the adopted accounting policy (principles), to calculate the allowance for trade receivables, the

Group uses the matrix method of provisions, under which allowances are determined for receivables included in

different overdue ranges.

Data for the period from 01.01.2024 to 30.09.2024

Allowances for trade

receivables

Value as of

01.01.2024

Increases

Decreases

Other

(translation

differences)

Value as of

30.09.2024

From other entities

388

2 152

470

458

2 528

Total

388

2 152

470

458

2 528

Note 7 Other receivables (short-term)

Information on estimates

The Group estimates the amount of impairment losses on other short-term receivables in accordance with the

requirements of IFRS 9 Financial Instruments. The simplified approach requires performing statistical analysis,

which involves making certain assumptions and applying professional judgment.

Other receivables (short-term)

30.09.2025

31.12.2024

Advances for deliveries

2

75

Taxes and other public-law liabilities

1 195

920

Other receivables, including:

335

197

- deposits

68

166

- other

267

31

Total

1 531

1 192

The item “Taxes and other public-law liabilities” comprises the excess of input VAT over output VAT at DataWalk

S.A. This results from operating costs arising from business development and the sales structure, which is

dominated by sales to foreign entities.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 32

Note 8 Financial assets (short-term)

Financial assets (short-term)

30.09.2025

31.12.2024

In other entities:

91

93

- bank deposits over 3 months

91

93

Total

91

93

As of September 30, 2025 and December 31, 2024, the Group classified as short-term financial assets bank deposits

(including interest accrued as of the balance sheet date) with maturities of more than 3 months as of the balance

sheet date.

Note 9 Accruals (long-term and short-term)

Accruals (long-term)

30.09.2025

31.12.2024

Subscriptions and license fees

192

0

Total

192

0

Accruals (short-term)

30.09.2025

31.12.2024

Subscriptions and license fees

1 329

827

Policies and insurance

176

50

Rents

44

46

Other

52

176

Total

1 599

1 099

As of September 30, 2025, the value of the item "Subscriptions and license fees" in short-term accruals is due in

particular to the Group's conclusion in July 2024 of a new agreement for the purchase of specialized databases

needed for the operation of DataWalk software, which are an integral part of DataWalk software. The costs of this

agreement are accounted for on a straight-line basis over the term of the agreement.

Note 10 Cash and cash equivalents

Cash and cash equivalents

30.09.2025

31.12.2024

Cash in bank accounts, including:

59 852

16 499

a) cash

41 638

4 253

b) bank deposits less than 3 months

18 213

12 246

Total

59 852

16 499

As of 30.09.2025, the Group had restricted cash (cash in the VAT account) in the amount of PLN 7 thousand,

while as of 31.12.2024 the balance of restricted cash (cash in the VAT account) was PLN 448 thousand.

In addition, as of 30.09.2025, DataWalk S.A. had bank deposits in the total amount of PLN 91 thousand, whose

maturity as of the balance sheet date was more than 3 months, and therefore they were classified as short-term

financial assets presented in Note 8 - "Financial assets (short-term)". The Group invests its financial surpluses by

entering into bank deposits with fixed interest rates, thus they are not subject to interest rate risk.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 33

Note 11 Share capital

As of September 30, 2025

Item

Amount

Balance at the beginning of the period

563

Nominal value of shares increasing the share capital

75

Balance at the end of the period

638

On May 16, 2025, the District Court for Wroclaw-Fabryczna in Wroclaw, VI Economic Department of the

National Court Register registered amendments to the Company's Articles of Association, adopted on the basis of

a resolution of the Issuer's Management Board dated April 14, 2025. on increasing the Company's share capital

within the limits of the authorized capital through the issuance of new series S shares in a private placement,

exclusion of pre-emptive rights of existing shareholders and amendment of the Company's Articles of Association,

as announced by the Issuer in the text of current ESPI report No. 13/2025 dated May 16, 2025.

In connection with the registration of the aforementioned amendments to the Articles of Association, the

Company's share capital amounts to PLN 638,298.80 and is divided into 6,382,988 shares, with a par value of PLN

0.10 each.

Series of shares

Number of shares

(pcs.)

Number of votes

Shareholding

Share in the total

number of votes

A

725 000

1 450 000

11,36%

21,78%

B

525 000

525 000

8,23%

7,89%

C

150 000

150 000

2,35%

2,25%

D

70 000

70 000

1,10%

1,05%

E

150 000

150 000

2,35%

2,25%

F

167 000

167 000

2,62%

2,51%

G

220 000

220 000

3,45%

3,30%

H

321 500

321 500

5,04%

4,83%

I

207 000

207 000

3,24%

3,11%

J

470 000

470 000

7,36%

7,06%

K

320 000

320 000

5,01%

4,81%

L

355 000

355 000

5,56%

5,33%

M

457 548

457 548

7,17%

6,87%

N

327 000

327 000

5,12%

4,91%

O

421 000

421 000

6,60%

6,32%

P

246 940

246 940

3,87%

3,71%

R

500 000

50 000

7,83%

0,75%

S

750 000

750 000

11,75%

11,27%

Total

6 382 988

6 657 988

100,00%

100,00%

Nominal value of one share = PLN 0.10.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 34

Note 12.1 Share premium

Item

30.09.2025

31.12.2024

Capital from sale of shares above their nominal value

255 849

199 351

Total

255 849

199 351

Note 12.2 Changes in share premium from sale of shares above their nominal

value

Data for the period from 01.01.2025 to 30.09.2025

In the three quarters of 2025, there were changes in capital from the sale of shares above their par value.

Item

Capital from sale of shares above their

par value

Balance at the beginning of the period

199 351

Valuation of financial instruments

0

Issue of shares above their nominal value

56 497

Balance at the end of the period

255 849

As a result of the aforementioned increase in the Company's share capital through the issuance of new series S

shares, the value of the balance sheet item "Share premium account" increased by PLN 56,497 thousand, net of

issuance costs.

The following table presents information on the issues mentioned above and how the total amount increasing the

item "Share premium" was determined.

Item

Capital from sale of shares above their

par value

Issue of shares

58 320

Nominal value of shares increasing share capital

75

Share issue costs

1 748

Issue of shares above their nominal value

56 497

Note 13 Other capitals

Other capitals

30.09.2025

31.12.2024

Reserve capital

9 965

9 965

Total

9 965

9 965

The reserve capital in the amount of PLN 9,965 thousand was created upon settlement of the Company's previous

(i.e., 2017-2019) share-based incentive program, in accordance with IFRS 2 "share-based payments". As soon as

certain conditions necessary for the acquisition of shares under the incentive program in force at that time were

met, the reserve capital was settled by increasing the share capital and transferring the resulting agio to other

capitals (supplementary capital) at the time of increasing the share capital in connection with the share issue

directed to program participants.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 35

Note 14 Reserve capital

Information on estimates

The Company implements an incentive program using equity-settled share-based payment transactions. The

program is based on DataWalk's shares and entitles the participant to receive equity instruments in the amount and

under the conditions specified in the Regulations and the Participation Agreement. This program is recognized in

the financial statements in accordance with IFRS 2.

In order to comply with IFRS 2, the Company recognizes an amount for services received during the vesting period

using the best available estimate of the number of equity instruments that will vest. The entity adjusts these

estimates, if necessary, if subsequent information indicates that the number of equity instruments to be vested

differs from previous estimates. At the vesting date, the entity adjusts the estimate to the level of the number of

equity instruments that ultimately vest.

The recognition of an incentive program requires the performance of an analysis that involves making certain

assumptions and applying professional judgment, particularly with regard to the number of equity instruments that

will vest during the reporting period as well as the valuation of stock options at the date of grant. At each balance

sheet date, the Company estimates the number of equity instruments that will vest during the reporting period in

order to recognize in the financial statements the corresponding increases in equity and the Company's and the

Group's expenses resulting from the incentive program.

Reserve capital

30.09.2025

31.12.2024

Incentive program

52 346

46 915

Total

52 346

46 915

Nature and principles of operation of the long-term Incentive Program settled in equity instruments

On June 30, 2022. The General Meeting of DataWalk S.A. passed a resolution to introduce an Incentive Program

(the "Program") aimed at members of key personnel who are Employees, Associates or members of the

Management Board ("Eligible Persons") of the Company. The Regulations of the Program were adopted by the

Management Board of the Company by resolution dated August 31, 2022 and subsequently approved by the

Supervisory Board by resolution dated September 9, 2022 (the "Regulations").

The provisions of the Program shall be effective as of the date of adoption of the Regulations by the Supervisory

Board and shall remain in effect until terminated by the Management Board with the effects referred to in the

Regulations. The Management Board may at any time, with the approval of the Supervisory Board, decide to

terminate the Program or amend it.

The purpose of the Program is to attract and retain members of the Company's key personnel on a long-term basis

by creating additional, market-attractive tools that allow key personnel to fully identify and identify with the

Company, its long-term goals, motivating them to pay special attention to maintaining its dynamic growth, and

linking the interests of these individuals to the care of the Company's interests and, consequently, the interests of

its shareholders, thereby enabling them to participate in the expected growth of the Company and, through this,

strengthening their relationship with the Company.

On December 30, 2024, the Extraordinary Shareholders' Meeting of DataWalk S.A. passed a resolution on

determining the maximum Entitlement Pool under the Share Program, pursuant to which the previous Entitlement

Pool of a total of no more than 430,000 shares in the Company was increased to a maximum of 570,000 shares in

the Company.

Subsequently, on June 25, 2025. The General Meeting of DataWalk S.A. passed another resolution in law on the

determination of the maximum RSU Pool under the RSU Program and the maximum Entitlement Pool under the

Stock Program, pursuant to which it was resolved to create a new total pool of 485,000 entitlements for Participants

in the incentive program system consisting of RSUs and Entitlements under the Stock Program in total (the "Total

Pool"). The Total Pool may be distributed at the discretion of the Company's Management Board (or as legally

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 36

required by the Company's Supervisory Board) to the Participants of the two aforementioned incentive programs

implemented at the Company and the Subsidiary in the form of RSUs or Stock Program Entitlements, respectively.

However, the total pool of Entitlements or RSUs so granted in both programs (both at the Company and the

Subsidiary) may not exceed a total of 485,000.

As of 30.09.2025 and as of the date of publication of these financial statements, the Company's Management Board

has not yet adopted the relevant resolutions regarding the allocation of the additional pool to specific incentive

programs.

In view of the above, as of the balance sheet date of September 30, 2025, the maximum number of Entitlements

giving the right to subscribe for and/or purchase Company shares may not exceed a total of 570,000 Company

shares.

The Incentive Program is implemented by granting Participants who have been designated to participate in the

Incentive Program in accordance with the Regulations, and who have subsequently entered into an Incentive

Program Participation Agreement (the "Participation Agreement") with the Company, conditional entitlements to

subscribe for and/or acquire shares in the Company (the "Entitlements"). The granting of Entitlements is not

tantamount to their acquisition or exercise.

The Entitlements are not securities and do not include any claims under civil law (including commercial company

law) beyond the claim for the exercise of the Entitlements pursuant to the Program, and in particular do not create

on the part of the Participant any shareholder rights, including incorporating the right to vote, the right to share in

the Company's profit (dividends), or any other shareholder rights until the Company's Shares are acquired or taken

up. The Entitlements are non-transferable to third parties and may not be encumbered by property or bond rights,

but are subject to inheritance.

The vesting of the Entitlements by the Participants shall occur upon the fulfillment of the Conditions of

Acquisition, defined as the fulfillment of the financial or non-financial individual or Company-related criteria set

forth in the Participation Agreement, including:

(a) maintenance of the Relationship for the period specified in the Participation Agreement, and/or.

(b) meeting additional criteria, if provided for in the Participation Agreement.

The Entitlements will be acquired free of charge.

The conditions related to the fulfillment of the established individual goals (performance vesting conditions) are

not dependent on the market price of the Company's equity instruments and are therefore classified as non-market

conditions.

Under IFRS 2, vesting conditions other than market conditions should not be taken into account when estimating

the fair value of shares or stock options at the measurement date. Instead, vesting conditions should be taken into

account by adjusting the number of equity instruments that are used in measuring the value of the entire transaction,

so that the value of the services recognized in exchange for the equity instruments granted takes into account the

number of instruments that will eventually vest.

The condition for the Exercise of Entitlements is the fulfillment of the vesting conditions and the execution of the

Sale Transaction (non vesting condition) together.

The Exercise of Entitlements will take place if the following conditions are met together:

a. a. satisfaction of the Purchase Conditions specified in each individual Participation Agreement (vesting

conditions) - e.g. length of cooperation;

b. occurrence of a "Sale Transaction", i.e. a situation in which all of the following occur:

(i) an entity or group of entities acting in an agreement referred to in Art. 87 par. 1 item 5 of the Act on Offering,

will exceed 50% of the total number of votes in the Company as a result of the announcement of a tender offer for

the sale of all shares in the Company, in accordance with the Act on Offering (hereinafter: "Tender Offer"),

whereby, for the purposes of calculating the total number of votes in the Company, the sum of the number of votes

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 37

held - regardless of the legal title - by all entities belonging to the same capital group and the number of votes

attached to the shares shall be taken into account, even if the exercise of voting rights therefrom is limited or

excluded by the Company's Articles of Association or by agreement or by law, or a transformation, merger or

division of the Company takes place, which, in accordance with the applicable regulations, will not require the

announcement of a Tender Offer; and

(ii) FGP Venture will dispose of at least 587,500 (in words, five hundred and eighty-seven thousand five hundred)

of its shares in the Company or their equivalent received as a result of a transformation, merger or demerger of the

Company (either in response to the Tender Offer or independently of the Tender Offer), or an entity (acting alone,

through a group of companies or in concert with other entities), other than the shareholders of FGP Venture as of

June 30, 2022, will reach more than 50% ownership in FGP Venture,

(iii) notwithstanding the above, a given transaction will not constitute a Sale Transaction if it does not result in a

change of control, i.e.: a) the entity or group of entities acting in concert exceeds 50% of the total number of votes

in the Company or ownership of 50% of the Company's assets, or b) the attainment of effective control over the

Company understood as reaching at least 30% of the total number of votes, or c) the acquisition of the Company's

assets representing at least 40% of the gross market value of all the Company's assets.

Under IFRS2, the Sale Transaction is understood as a condition other than vesting conditions (so-called non-

vesting condition).

In accordance with the Regulations, exercise of the Entitlements will take place within 6 months from the

occurrence of the Sale Transaction.

Due to the fact that the occurrence of the Sale Transaction is a probable future event, however, dependent on

factors not fully controlled by the Company and does not depend on the market price of the Company's shares - it

was not included in the valuation estimates of the Entitlements.

Exercise of the Entitlement acquired by the Participant consists in the acquisition or purchase of shares at a nominal

price. One Entitlement will entitle the Participant to subscribe for or acquire one share, with the proviso that in the

event that the nominal price of a share changes, i.e. does not amount to PLN 0.10 (in words: ten cents) per share,

the Participant will have the right to subscribe for or acquire a number of shares according to the formula

established in the Resolution of the Ordinary General Meeting of the Company No. 20 dated June 30, 2022 on the

establishment of a share-based incentive program for members of key personnel of DataWalk S.A. (hereinafter:

the "AGM Resolution").

The Exercise of the Entitlements will take place either:

(i) directly using the institution of a share capital increase, the authorization of the Management Board to increase

the Company's share capital within the framework of authorized capital, or the purchase by the Company of its

own shares for the purpose of offering them to the Participants;

(ii) indirectly using the institution of a conditional share capital increase linked to the issuance of registered

subscription warrants directed to the Participants;

(iii) or by any other appropriate means, including indirect acquisition by a third party - depending on the decision

of the Management Board in this regard, as approved by the Supervisory Board.

If the Sale Transaction does not take place within the period indicated in the Regulations, in the absence of the

possibility of fulfillment of the Performance Conditions, the Participation Agreement shall be automatically and

immediately terminated to the extent of the Entitlements in question, without any performance obligation on the

part of the Company. The Participant shall not be entitled to any claims for payment, including any claims for

damages against the Company, its shareholders or Members of the Bodies.

In the event that the Sale Transaction occurs prior to the fulfillment of the specified Purchase Conditions, the

Participation Agreement shall be terminated to the extent covering the Entitlements in question, and the Participant

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 38

shall lose the opportunity to further participate in the Program to the aforementioned extent, including the right to

acquire and exercise the Entitlements in question. The Participant shall not be entitled to any claims against the

Company, its shareholders or Members of the Bodies, including any claims for payment, delivery of Shares or

claims for damages. However, if the Conditions of Acquisition of a given Participant included only the

maintenance of the Relationship on the terms set forth in the Regulations for the period of time specified in the

Participation Agreement, excluding the additional criteria referred to in the Regulations, while no Cause occurred,

the Conditions of Acquisition shall be deemed to have been fulfilled on the date of the Sale Transaction, and the

Participant shall be entitled to exercise the acquired Entitlements. The Participation Agreement may regulate

differently the consequences of the occurrence of a Sale Transaction prior to the fulfillment of the Purchase

Conditions.

Assumptions adopted for the valuation of the Program

Services received in the form of equity-settled share-based payments are indirectly valued at fair value on the date

of grant. The initial valuation of the program is based on the fair value of the underlying instruments. The

measurement of the value of the goods or services received and the corresponding increase in equity takes into

account the extent to which the services have been rendered.

The entity determines the fair value of the equity-settled liability by considering only market conditions and non-

vesting conditions, which means that vesting conditions and non-market conditions affect the measurement of the

increase in equity by adjusting the number of rights to subscribe for and/or acquire the Company's shares based on

estimates of the results to be achieved.

The value of one right to subscribe for and/or acquire Company shares is valued only once, on the date of grant.

At each reporting date, and ultimately at the date of settlement, the fair value of the recognized increase in equity

may be revalued by adjusting the number of rights to subscribe for and/or acquire Company shares. The revaluation

relates to the recognized portion of the increase in equity up to the vesting date. The full value of the increase in

equity is subject to revaluation from the vesting date to the settlement date. The cumulative net cost and amounts

recognized in the income statement that will ultimately be recognized in connection with the transaction will be

equal to the product of the vested rights to subscribe for and/or acquire Company shares and the value of one right

to subscribe for and/or acquire Company shares on the date of grant.

The valuation adjustment effects of the increase in equity during the vesting period are recognized immediately in

the income statement (in the corresponding expense item) to the extent that they relate to past services, and to the

extent that they relate to future services the valuation adjustment effect is spread over the remaining vesting period.

This means that during the revaluation period, there may be a supplementary adjustment to the number of rights

to take up and/or acquire the Company's shares for previous periods, so that the recognized increase in equity at

each reporting date is equal to the total fair value of the increase in equity.

As of the balance sheet date of September 30, 2025, the Company adjusted the number of rights to subscribe for

and/or acquire Company shares for which vesting had occurred based on the Company's internal estimates, and

thus revalued the corresponding increase in equity. A decision on the final number of rights vested by program

participants will be made upon the occurrence of the events specified in the Regulations giving eligible persons

the right to take up and/or acquire Company shares.

The fair value of the entitlement to subscribe for and/or acquire the Company's shares on the date of grant is

determined based on the Black-Scholes-Merton model, where the underlying instrument is the market price of

DataWalk S.A. shares. The vesting will take place free of charge. Exercise of vested rights by the participant will

consist in the subscription and/or acquisition of shares at a nominal price, which on the date of grant was PLN 0.10

per share. The entitlement to subscribe for and/or acquire shares in the company does not give the right to

dividends, therefore the expected dividend rate is 0. There are no other market conditions in the valuation of the

rights to subscribe for and/or acquire shares in the Program. However, the total cost of the Program and the

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 39

corresponding increase in equity should be determined at each balance sheet date, taking into account other non-

market factors.

The expected volatility of the price was determined based on the annualized standard deviation of the stock return

using daily observations. The rate of return was expressed as an annual rate of interest rate with continuous

capitalization (annual continuous rate). In accordance with IFRS 2, in estimating expected volatility, the Company

considered:

(a) the volatility applied to the Company's stock options traded on the stock exchange due to their availability;

(b) the historical volatility of stock prices over the most recent possible time period, the length of which is generally

commensurate with the expected life of the option;

(c) the length of time the entity's shares have been publicly traded, i.e. since 20/07/2012, so the Company is not

considered a newly listed entity, and the historical volatility has been considered relatively stable over a longer

period of time;

(d) appropriate and regular time frames for observed prices, which the Company believes are consistent from

period to period - the entity uses the closing price of each day of the week. The observed prices are expressed in

the currency in which the strike price is set, i.e. PLN.

The average annual percentage of forfeitures for vesting and/or acquisition of Company shares, based on

expectations of, for example, the number of employees and associates leaving the Company before the vesting

date, was assumed to be 0%. The Company periodically reviews these estimates and, in the event of material

deviations, updates them.

Page | 40

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 40

The vesting of the Entitlements to the Company's employees and associates who joined the Incentive Program from its inception until the balance sheet date of September

30, 2025 was carried out in seven tranches.

The table below presents the parameters adopted in the Entitlement valuation model for each tranche of the Program.

Parameters adopted in the valuation

model

Tranche I

Tranche II

Tranche III

Tranche IV

Tranche V

Tranche VI

Tranche VI

Transaction page

DataWalk S.A.

DataWalk S.A.

DataWalk S.A.

DataWalk S.A.

DataWalk S.A.

DataWalk S.A.

DataWalk S.A.

Program valuation date (Grant Date)

01.10.2022

01.01.2023

01.07.2023

01.02.2024

01.07.2024

15.01.2025

01.07.2025

Valuation model

Black-Scholes-

Merton

Black-Scholes-

Merton

Black-Scholes-

Merton

Black-Scholes-

Merton

Black-Scholes-

Merton

Black-Scholes-

Merton

Black-Scholes-

Merton

Number of Rights granted under

Participation Agreements (units)

275 518

118 710

12 450

42 300

3 900

124 350

23 400

Number of rights lost as at the balance sheet

date (units)

9 217

24 875

0

3 400

0

600

0

Share price (PLN)

136,26

91,35

60,00

33,90

63,30

61,00

114,50

Execution price (PLN)

0,10

0,10

0,10

0,10

0,10

0,10

0,10

Expected exchange rate volatility

4,16%

4,13%

3,56%

4,64%

4,91%

4,71%

4,36%

Average duration of the right to subscribe for

shares

5 years

5 years

5 years

5 years

5 years

5 years

5 years

Risk-free rate

7,14%

6,05%

5,45%

5,44%

5,04%

5,45%

4,85%

Fair value (PLN)

136,19

91,28

59,92

33,82

63,22

60,92

114,42

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 41

The number of forfeited Entitlements from the beginning of the Program until September 30, 2025 totaled 38,092,

which corresponds to 6% of the maximum number of Entitlements in the Program.

At a further stage of the Incentive Program, the authorized bodies may designate further Incentive Program

Participants and offer them a certain number of Entitlements within the limit set by the Shareholders' Meeting

Resolution, i.e. in a total number not exceeding 1,055,000 shares in the Company. The Company will announce

these events in separate announcements.

Recognition of the Program in the period from January 1, 2025 to September 30, 2025.

The following table presents the number of the Company's share entitlements granted as of September 30, 2025,

by vesting conditions and degree of exercise.

Conditions for acquiring rights

Granted

rights

(in units)

Degree of

fulfillment

of

acquisition

conditions

Number of

rights

acquired

(in units)

Estimated

number of

acquired

rights as at

the balance

sheet date

(in units)

Remaining

to be

acquired

(in units)

Acquired rights (vested)

413 936

100%

413 936

0

0

Provision of services until

31.12.2025

80 600

72%

0

58 309

22 291

Provision of services until

30.09.2026

7 350

29%

0

2 120

5 230

Provision of services until

31.12.2026

57 150

34%

0

19 499

37 651

Provision of services until

30.09.2027

3 500

13%

0

438

3 062

Total

562 536

88%

413 936

80 366

68 234

The following table presents the number of Entitlements for which the conditions for acquisition are estimated to

have been fulfilled and thus the services are considered to have been rendered, together with the recognition in

expenses at weighted average fair value.

Specification

Quantity

Weighted

average fair

value

(in PLN)

Cost according

to weighted

average fair

value

(in PLN

thousand)

Estimated quantity of acquired Entitlements as of

01.01.2025

411 374

114,04

46 915

Estimated number of acquired Entitlements during the

period resulting from Participation Agreements

82 928

65,50

5 431

Number of Entitlements forfeited during the period

0

0,00

0

Estimated number of acquired Entitlements as of

30.09.2025

494 302

105,90

52 346

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 42

The following table shows the inclusion of Program costs in the various items of the financial statements.

Financial statement item

Item

Weighted average fair value

(in PLN thousand)

Income statement / Operating

expenses

Incentive program

5 431

Equity

Financial result for the current year

-5 431

Retained earnings

-46 915

Reserve capital

52 346

There were no Exercised Entitlements during the period under review. During the period under review, there were

no Entitlements that were exercised, as well as no Exercisable Entitlements as of the balance sheet date of

September 30, 2025.

As of the balance sheet date and as of the date of approval for publication of these financial statements, the

Entitlements under the Program were not exercisable, due to the fact that no Sale Transaction had taken place. In

addition, the Group's Management had not taken any actions, nor was it in possession of any information indicating

a high probability of the occurrence of events as a result of which, in the next 12 months, a Sale Transaction could

be concluded, and thus the process of realization of the Program (issuance of shares) could be initiated.

The following table presents the settlement of the Program Entitlements by their exercise status and their fair value

as of September 30, 2025.

Specification

Number

of units

% of

Program

Fair value

(in PLN)

Cost

according

to

fair value

(in PLN

thousand)

Maximum number of Entitlements in the Program,

including:

570 000

- Entitlements granted under Participation Agreements,

consisting of:

562 536

99%

97,20

54 680

- Tranche as of 01.10.2022 taking into account the

agreements concluded as of 01.10.2022

266 301

47%

136,19

36 268

- Tranche as of 01.01.2023

93 835

16%

91,28

8 565

- Tranche as of 01.07.2023

12 450

2%

59,92

746

- Tranche of 01.02.2024

38 900

7%

33,82

1 316

- Tranche dated 01.07.2024

3 900

1%

63,22

247

- Tranche of 15.01.2025

123 750

22%

60,92

7 539

- Tranche as of 01.07.2025

23 400

4%

114,42

2 677

- Maximum number of Entitlements to be granted in future

periods

7 464

1%

Entitlements granted under Participation Agreements,

including:

562 536

99%

97,20

54 680

- Vesting has occurred (vested)

413 936

73%

113,90

47 146

- Remaining vested, including:

148 600

26%

50,70

7 534

a) for which it is estimated that the conditions for

acquisition have been met

80 366

14%

64,71

5 200

As of the balance sheet date of September 30, 2025. The incentive program remains in progress.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 43

Note 15 Lease obligations (long-term and short-term)

Information on estimates

Lease payments are discounted by the Group using a marginal interest rate, the value of which is estimated based

on the value of the risk-free rate and the Group's credit risk premium. Some of the leases entered into contain

options to extend or terminate the lease. Management exercises judgment to determine the period for which it can

be assumed with reasonable certainty that such leases will continue.

As of September 30, 2025, the Group was party to an office space lease and an automobile lease for which it is the

lessee.

Liabilities under leases

30.09.2025

31.12.2024

Long-term

109

427

Short-term

423

422

Total

532

849

Specification

30.09.2025

31.12.2024

Liabilities on account of lease of office space

522

810

- up to 12 months

413

388

- over 12 months

109

422

Car lease liabilities

9

39

- up to 12 months

9

34

- over 12 months

0

5

Total

532

849

Leasing of office space

As of September 30, 2025, future minimum lease payments for office space are as follows:

Specification

30.09.2025

31.12.2024

Future minimum lease payments, including:

549

878

- in less than 1 year

439

439

- in a period of 1-2 years

110

439

Future interest costs

-27

-68

Present value of lease obligations, including:

522

810

- in a period of less than 1 year

413

388

- in a period of 1-2 years

109

422

The effective interest rate on office space leases as of September 30, 2025 was 8.98%, the same as on December

31, 2024.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 44

Car leases

As of September 30, 2025, future minimum payments under car leases are as follows:

Specification

30.09.2025

31.12.2024

Future minimum lease payments, including:

10

41

- in less than 1 year

10

36

- in a period of 1-2 years

0

5

Future interest costs

-1

-2

Present value of lease obligations, including:

9

39

- less than 1 year

9

34

- in a period of 1-2 years

0

5

The effective interest rate on the above car leases as of September302025 was: 5.69% or 7.85% or 10.03%,

depending on the contract signed.

Lease costs recognized in the reporting period

During the period from January 1, 2025 to September 30, 2025, the amounts of expenses resulting from leases

recognized in the income statement with the statement of comprehensive income were:

Specification

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Cost of depreciation of right-of-use assets

353

473

Interest expense on lease liabilities

44

44

Costs of short-term leases

8

9

Leasing costs of low-value assets

0

0

Total

405

526

The total cash outflow from leasing in the period from January 1, 2025 to September 30, 2025 was PLN 378

thousand, while in the same period last year it was PLN 542 thousand.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 45

Note 16 Loans and borrowings (long-term and short-term)

The value of loans and borrowings liabilities was recognized at amortized cost determined using the effective

interest rate. The fair value of loans and borrowings payable is not materially different from the carrying amount.

The Group's debt as of September 30, 2025 and December 31, 2024 is shown in the table below.

Borrower/Borrower:

DataWalk Inc.

Subject of financing:

Mitigation of economic damage caused by a natural

disaster arising in the month of January 31, 2020 and

continuing thereafter

Financing institution:

U.S. Small Business Administration (SBA).

Amount of loan/credit according to the agreement [in

thousands of USD]:

150

Value of the liability as of September 30, 2025 [in

thousands of USD]:

155

Value of liability as of 31.12.2024 [in USD thousand]:

156

Value of liability as of 30.09.2025 [in thousands of USD]:

559

Value of liability as of 31.12.2024 [in thousands of PLN]:

641

Effective interest rate:

fixed interest rate

Repayment term:

2050-07-01

Security:

Fixed assets

As of September 30, 2025, the Group's total debt amounted to PLN 559 thousand, and was secured by fixed assets

with a gross value of PLN 121 thousand. As of December 31, 2024, the Group's total indebtedness amounted to

PLN 641 thousand, and was secured by fixed assets with a gross value of PLN 121 thousand. The fixed assets

constituting the aforementioned collateral were fully depreciated on the balance sheet.

Fair value of financial liabilities

During the reporting period, there were no transfers in debt items between levels of the fair value hierarchy.

As of September 30, 2025, the fair value of loans and borrowings did not differ materially from their book value

and was determined using models for which the inputs are not observable directly or indirectly in active markets

(level 3).

Note 17 Incentive program liabilities

Information on estimates

The Group operates an incentive program using cash-settled share-based payment transactions. The program is

based on derivative financial instruments, entitling the holder to receive payment of a cash amount in the amount

and under the conditions specified in the Regulations and the Participation Agreement (so-called Restricted Stock

Units, hereinafter "RSUs"). This program is recognized in the consolidated financial statements in accordance with

IFRS 2.

In order to comply with IFRS2, the Group recognizes an amount for services received during the vesting period

using the best available estimate of the number of equity instruments for which vesting will occur. The entity

revises these estimates, if necessary, if subsequent information indicates that the number of equity instruments to

be vested differs from previous estimates. At the vesting date, the entity adjusts the estimate to the level of the

number of equity instruments that ultimately vest.

Recognition of an incentive program requires the performance of an analysis that involves making certain

assumptions and applying professional judgment, particularly with regard to the number of equity instruments that

will vest during the reporting period as well as the valuation of the RSU. At each balance sheet date, the Group

estimates the number of equity instruments for which vesting will occur and their fair value during the reporting

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 46

period in order to recognize in the financial statements the relevant liabilities and the Group's expenses arising

from the incentive program.

Nature and principles of operation of the long-term Incentive Program of the DataWalk Capital Group

settled in cash

On June 30, 2020. The General Meeting of DataWalk S.A. passed a resolution to introduce an Incentive Program

(the "Program") aimed at members of key personnel who are either Employees, Associates or members of the

Management Board ("Eligible Persons") of the Group. The Regulations of the Program were adopted by the

Management Board of the Company and subsequently approved by the Supervisory Board by resolution dated

18/03/2022.

The provisions of the Program are effective as of the date of adoption of the Regulations by the Supervisory Board

and shall remain in force until the date of termination by the Management Board with the effects referred to in the

Regulations. The Management Board may at any time, with the approval of the Supervisory Board, decide to

terminate the Program or make changes to it.

The purpose of the Program is to attract and retain members of key personnel on a long-term basis for both the

Company and/or its Subsidiaries by creating additional market-attractive tools to fully identify and identify key

personnel with the Group, its long-term goals, motivating them to pay special attention to the Group's long-term

performance, maintaining the Group's dynamic growth in value, and linking the interests of these individuals to

the interests of the Group and, consequently, the interests of its shareholders, thereby linking the Group's long-

term value to the long-term goals of the key personnel.

In the case of the Program, the entity required to settle the program is the company that is the recipient of the

services settled under the Program and has entered into the relevant participation agreement with the participant.

Each of the companies, i.e. DataWalk S.A. and DataWalk Inc. is a party to agreements with Program participants

providing work or services to DataWalk S.A., respectively. (the "Company") or DataWalk Inc. ("Subsidiary").

On December 30, 2024, the Extraordinary Shareholders' Meeting of DataWalk S.A. adopted a resolution to

establish the maximum pool of RSUs under the Program, pursuant to which the previous pool in an aggregate

number not exceeding 1,120,000 RSUs was reduced to a maximum of 980,000 RSUs.

Subsequently, on June 25, 2025. The General Meeting of DataWalk S.A. passed another resolution in law on the

determination of the maximum RSU Pool under the RSU Program and the maximum Entitlement Pool under the

Stock Program, pursuant to which it was resolved to create a new total pool of 485,000 entitlements for Participants

in the incentive program system consisting of RSUs and Entitlements under the Stock Program in total (the "Total

Pool"). The Total Pool may be distributed at the discretion of the Company's Management Board (or in a situation

required by law by the Company's Supervisory Board) to the Participants of the two aforementioned incentive

programs implemented at the Company and the Subsidiary in the form of RSUs or Stock Program Entitlements,

respectively. However, the total pool of Entitlements or RSUs so granted in both programs (both at the Company

and the Subsidiary) may not exceed a total of 485,000.

As of 30.09.2025 and as of the date of publication of these financial statements, the Company's Management Board

has not yet adopted the relevant resolutions regarding the allocation of the additional pool to specific incentive

programs.

With the above in mind, as of the balance sheet date of September 30, 2025, the number of RSUs that may be

granted in total to all Eligible Persons under the Program may not exceed 980,000 units.

The maximum duration of the right to exercise RSUs by Eligible Persons is 10 years from the signing of the

Program Participation Agreement, under which an Eligible Person becomes entitled to receive cash upon meeting

certain vesting conditions.

In share-based payment transactions, the Group receives services from Eligible Persons and incurs an obligation

to spend cash, which is based on the price (or value) of the Company's shares as compensation.

The Eligible Persons were offered to enter into agreements regarding participation in the Program (the

"Participation Agreement"), which set forth the terms and conditions for the Eligible Persons' entitlement to receive

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 47

derivative financial instruments within the meaning of the Financial Instruments Trading Act of July 29, 2005

(Journal of Laws No. 183, item 1538, as amended) entitling them to receive payment of a cash amount in the

amount and under the terms and conditions set forth in the Regulations and the Participation Agreement (so-called

Restricted Stock Units, hereinafter "RSUs").

The conditions for the acquisition of RSUs mean the fulfillment of the established individual goals, if provided for

in the Participation Agreement, and/or the maintenance of the Employee's and/or Associate's and/or Board

Member's status in the Group for the period specified in the Participation Agreement and under the terms and

conditions set forth in the Regulations.

The conditions related to the fulfillment of the established individual goals (performance vesting conditions) do

not depend on the market price of the Group's equity instruments and are therefore classified as non-market

conditions.

Conditions related to maintaining the status of an Employee and/or Associate and/or Board Member in the Group

(service period vesting conditions) are concluded for a period of up to 4 years, taking into account the period of

service to the Group prior to approval of the Regulations. Vesting takes place on an annual basis.

Under IFRS 2, vesting conditions other than market conditions should not be taken into account when estimating

the fair value of shares or stock options at the measurement date. Instead, vesting conditions should be taken into

account by adjusting the number of equity instruments that are used in measuring the value of the entire transaction,

so that the value of the services recognized in exchange for the equity instruments granted takes into account the

number of instruments that will eventually vest.

The condition for the Realization of payments under the provisions of the Program is the fulfillment of the vesting

conditions (vesting conditiods) and the execution of the Sale Transaction (non vesting condition) together.

A Selling Transaction means a situation in which all of the following conditions occur:

(i) an entity or a group of entities acting in concert, as referred to in Article 87 of the Polish Offering Act, will

exceed 50% of the total number of votes in the Company as a result of the announcement of a tender offer for the

sale of all the Company's shares, as referred to in Article 74 (1) or (2) or Article 91 (5) of the Polish Offering Act.

5 of the Polish Act on Public Offering, whereby, for the purposes of calculating the total number of votes in the

Company, the sum of the number of votes held - regardless of legal title - by all entities belonging to the same

capital group and the number of votes attached to the shares is taken into account, even if the exercise of voting

rights therefrom is limited or excluded pursuant to the Company's Articles of Association or an agreement or

provisions of law, or a transformation, merger or division of the Company occurs which does not require the

announcement of a tender offer pursuant to Article 92 of the Polish Act on Public Offering; and

(ii) FGP Venture will dispose of at least [587,500] (in words, [five hundred eighty-seven thousand five hundred])

of its shares in the Company or their equivalent received as a result of a transformation, merger or demerger of the

Company (in response to the tender offer referred to in item (i) or independently of such tender offer), or an entity

(acting alone, through a group of companies or in concert with other entities) other than the shareholders of FGP

Venture as of June 30, 2020, will reach more than 50% of the shares in FGP Venture,

(iii) notwithstanding the above, a given transaction will not constitute a Sale Transaction if it does not result in a

change of control within the meaning of Article 409A, i.e. (a) the entity or group of entities acting in concert

exceeds 50% of the total number of votes in the Company or ownership of 50% of the Company's assets, or (b)

the achievement of effective control over the Company understood as achieving at least 30% of the total number

of votes, or (c) the acquisition of assets of the Company representing at least 40% of the gross market value of all

assets of the Company;

Pursuant to the Program Regulations, the one-time payment resulting from the exercise of RSUs will be settled

within 90 days of the occurrence of the Sale Transaction, but no later than March 14 of the year following the year

in which the Sale Transaction occurred.

Under IFRS2, a Sale Transaction is understood to be a non-vesting condition.

Since the occurrence of the Sale Transaction is a probable future event, however, dependent on non-fulfillment

factors controlled by the Group, and does not depend on the market price of the Group's shares - it has not been

included in the valuation estimates of the RSUs.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 48

The realization of RSUs consists of a one-time payment by the Group of a cash amount in the amount equal to the

product of the number of RSUs granted and the value of the RSUs set forth in the Regulations, which will depend

on the value/price of the shares from the Sale Transaction, less any mandatory withholdings for income tax, social

security, health insurance contributions or any other public and legal dues in the part charged to the Participant,

which the Group, as the payer, is required to withhold under applicable laws. Once the RSUs have been exercised,

i.e. as to which there has been payment of the cash amount due, the Participant is not entitled to any additional

cash or non-cash benefits from the Group under the Program.

If a Sale Transaction does not occur within the period indicated in the Participation Agreement entered into with

the relevant Participant's right to receive RSUs, in view of the inability to satisfy the Performance Conditions, the

Participation Agreement shall be automatically and immediately terminated to the extent of the RSUs in question,

without any performance obligation on the part of the Company or the Subsidiary. The Participant shall not be

entitled to any claims for payment, including any claims for damages against the Company, the Subsidiary, their

shareholders or members of their bodies.

In the event that a Sale Transaction occurs prior to the fulfillment of the specified Award Conditions, the

Participation Agreement shall be terminated to the extent covering the RSUs in question, and the Participant shall

forfeit any further participation in the Program to the aforementioned extent, including the right to award and

exercise the RSUs in question. The Participant will not be entitled to any claims for payment, including any claims

for damages against the Company, the Subsidiary, their shareholders or members of their bodies. However, if the

Terms and Conditions of Grant of a given Participant included only the maintenance of the status of Employee

and/or Associate and/or Board Member in the Company and/or Subsidiary on the terms and conditions set forth in

the Terms and Conditions for the period of time specified in the Participation Agreement, excluding additional

individual objectives referred to in the Terms and Conditions, while there is no Cause, the Participant shall be

granted RSUs as of the date of the Sale Transaction in such amount as if the Sale Transaction had occurred after

the expiration of the aforementioned required minimum period of maintenance of status as an Employee and/or

Associate and/or Member of the Management Board in the Company and/or Subsidiary. The Participation

Agreement may regulate differently the consequences of the occurrence of a Sale Transaction prior to the

fulfillment of the Conditions of Grant.

Assumptions adopted for the valuation of the Program

Employee services received in the form of cash-settled share-based payments are measured indirectly at the fair

value of the liability at the date of grant. The initial measurement of the liability is based on the fair value of the

underlying instruments. Measurement of the liability takes into account the extent to which services have been

rendered.

The entity determines the fair value of a cash-settled liability by considering only market conditions and non-

vesting conditions, which means that vesting conditions and non-market conditions affect the measurement of the

liability by adjusting the number of rights to receive cash based on estimates of the performance to be met.

At each reporting date, and ultimately at the date of settlement, the fair value of the recognized liability is subject

to remeasurement. The remeasurement applies to the recognized portion of the liability up to the vesting date. The

full amount is subject to remeasurement from the vesting date to the settlement date. The cumulative net cost and

amounts recognized in the income statement that will ultimately be recognized in connection with the transaction

will be equal to the amount paid to settle the liability.

The effects of remeasurement during the vesting period are recognized immediately in the income statement (in

the corresponding expense item) to the extent that they relate to past services, and to the extent that they relate to

future services, the effect of remeasurement is spread over the remaining vesting period.

This means that in the revaluation period there is a supplementary adjustment for previous periods, so that the

recognized liability at each reporting date equals the total fair value of the liability.

As of the balance sheet date of September 30, 2025, the Group has valued the RSUs for which vesting has occurred

based on the Group's internal estimates. A decision on the final number of RSUs granted and their value had not

been made as of the date of the financial statements, as there were no events specified in the Regulations giving

Eligible Persons the right to grant and benefit from the RSUs granted.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 49

The fair value of the RSUs as of the balance sheet date of September 30, 2025 was determined based on the market

price of DataWalk S.A. shares. As stipulated in the Regulations, the value of the RSUs will be determined based

on the share price from the Sale Transaction. The RSUs will be granted at no cost to the Eligible Persons. RSUs

do not carry the right to dividends and therefore the expected dividend yield is 0. There are no other market

conditions in the valuation of RSUs in the Program. In this situation, the valuation of the RSUs at a given balance

sheet date should be equal to the fair value of the Company's shares at that date. On the other hand, the total cost

of the Program should be determined at each balance sheet date taking into account other non-market factors. The

Company performed a sample simulation of the RSU valuation using the Black-Scholes model to confirm the

validity of this approach, and the result of the valuation confirms that it is reasonable to take the RSU valuation at

the fair value of the shares under the aforementioned assumptions.

The average annual percentage of forfeitures for RSUs, based on expectations of, for example, the number of

employees and associates leaving the Group before the vesting date, was assumed to be 0%. The Group

periodically reviews these estimates and, in the event of material deviations, updates them.

Recognition of the Program in the period from January 1, 2025 to September 30, 2025.

The following table shows the number of RSUs granted as of September 30, 2025, by vesting conditions and the

degree of exercise.

Conditions for vesting

Granted

rights

(in units)

Degree of

fulfillment

of vesting

conditions

Number of

vested rights

(in units)

Estimated

number of

acquired

entitlements

as at the

balance

sheet date

(in units)

Remaining

to be

acquired

(in units)

Acquired entitlements (vested)

870 765

100%

870 765

0

0

Provision of services until

31.12.2025

16 700

87%

0

14 480

2 220

Provision of services until

30.09.2026

17 550

44%

0

7 685

9 865

Provision of services until

31.12.2026

13 875

55%

0

7 650

6 225

Provision of services until

30.09.2027

11 925

19%

0

2 210

9 715

Provision of services until

30.09.2028

1 000

9%

0

85

915

Provision of services until

30.09.2029

1 000

7%

0

65

935

Total

932 815

93%

870 765

32 175

29 875

In accordance with IFRS 2, the Group has updated the fair value of RSUs as of the balance sheet date of September

30, 2025.

Accordingly, the Group determined the following events affecting the estimates:

• the fair value as of September 30, 2025 differed from the value obtained as of the previous balance sheet date

(the difference resulting from a change in the Company's share price),

• further RSUs for which the acquisition conditions are estimated to have been met had to be valued and

recognized,

• events occurred as a result of which the cost of the Program had to be adjusted for RSUs lost as a result of

failure to meet vesting conditions.

The following table shows the items affecting the conversion of the value of the liability and the cost of the Program

recognized in the consolidated financial statements.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 50

Description

Quantity

Weighted average

fair value

(in PLN)

Cost at weighted

average fair value

(in PLN

thousand)

Estimated number of vested rights as of

01.01.2025

891 500

56,60

50 459

Estimated number of vested rights as of

December 31, 2024.

883 510

44,28*

39 122

Estimated number of vested rights during the

period

19 430

100,88

1 960

Number of rights lost in the period

-7 990

56,60

-452

Estimated number of vested rights as of

30.09.2025

902 940

44,28

91 089

* Difference between weighted average fair values of RSUs as of September 30, 2025.

and December 31, 2024.

There were no expirations of RSUs during the reporting period. In addition, there were no RSUs that have been

exercised, as well as no exercisable RSUs as of the balance sheet date of September 30, 2025.

The total cost of the Program recognized in the financial statements for the nine months ended September 30,

2025, estimated according to vested RSUs, was PLN 40,630 thousand.

The following table presents the inclusion of the Program costs in the individual items of the consolidated financial

statements, together with information on the involvement of individual companies in the Issuer's Group in the

Program.

Specification

Item

DataWalk

S.A.

DataWalk

Inc.

DataWalk

Group

Estimated number of vested

rights as of 30/09/2025

(units).

-

80 240

822 700

902 940

Profit and loss account /

Operating expenses (PLN

thousands)

Incentive program

3 967

36 663

40 630

Profit and loss account

(PLN thousand)

Income tax

0

-7 699

-7 699

Fixed assets (thousands PLN)

Deferred income tax assets

0

17 429

17 429

Equity (PLN thousands)

Financial result for the current

year, including:

-3 967

-28 964

-32 931

- Profit before tax

-3 967

-36 663

-40 630

- Income tax

0

-7 699

-7 699

Equity (PLN thousand)

Retained earnings, including:

-4 128

-36 601

-40 729

- Profit before tax

-4 128

-46 331

-50 459

- Income tax

0

-9 730

-9 730

Short-term liabilities

(PLN thousands)

Incentive program liabilities

8 095

82 994

91 089

The total carrying amount of consolidated liabilities under the Program as of September 30, 2025 was PLN 91,089

thousand.

As of the balance sheet date and as of the date of approval for publication of these financial statements, liabilities

under the Program were not due, due to the fact that no Sale transaction had taken place. In addition, the Group's

Management had not taken any actions, nor was it in possession of any information indicating a high probability

of the occurrence of events as a result of which, in the next 12 months, a Sale Transaction could be concluded, and

thus the process of Program execution (cash settlement) could be initiated.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 51

The following table presents the settlement of RSUs under the Program according to their exercise status and their

fair values as of September 30, 2025.

Specification

Number of

units

% of

Program

Fair value

(in PLN)

Cost

according to

fair value

(in PLN

thousand)

Maximum number of units in the

Program, including:

980 000

100%

100,88

98 862

- RSUs granted under the Participation

Agreements, consisting of:

929 665

95%

100,88

93 785

- Tranche as of 01.04.2022

781 650

80%

100,88

78 853

- Tranche of 01.07.2022

5 500

1%

100,88

555

- Tranche of 01.01.2023

10 250

1%

100,88

1 034

- Tranche of 01.05.2023

33 550

3%

100,88

3 385

- Tranche dated 01.07.2023

14 975

2%

100,88

1 511

- Tranche dated 01.01.2024

2 600

0%

100,88

262

- Tranche as of 01.02.2024

49 340

5%

100,88

4 977

- Tranche dated 01.07.2024

8 000

1%

100,88

807

- Tranche of 15.01.2025

1 200

0%

100,88

121

- Tranche dated 01.07.2025

22 600

2%

100,88

2 280

- Maximum number of RSUs to be granted in

future periods

50 335

5%

100,88

5 078

RSUs granted under the Participation

Agreements, including:

929 665

95%

100,88

93 785

- Vesting has occurred (vested)

870 765

89%

100,88

87 843

- Remains in the process of vesting,

including:

62 050

6%

100,88

6 260

(a) for which it is estimated that the

conditions for acquisition have been met

32 175

3%

100,88

3 246

The number of forfeited Entitlements from the beginning of the Program until September 30, 2025 totaled 54,225

units, corresponding to 6% of the maximum number of units in the Program.

As of the balance sheet date of September 30, 2025. The Incentive Program remains in operation.

Note 18 Trade payables

Trade payables

30.09.2025

31.12.2024

Towards other entities, including:

2 996

2 263

- invoiced liabilities

2 996

2 263

Total

2 996

2 263

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 52

Note 19.1 Other provisions (short-term)

Information on estimates

The Group estimates the value of liabilities based on its assumptions and methodology by assessing the probability

of the outflow of funds containing economic benefits from the Group. It recognizes as liabilities those amounts

whose probability and timing of expenditure at the balance sheet date is high. Provisions for sales commissions

mostly depend on estimates of the value of sales revenues achieved by the Group.

Other provisions (short-term)

30.09.2025

31.12.2024

Provisions for pensions and similar benefits, including:

269

171

a) for unused vacation leaves

269

171

Other provisions, including:

2 766

1 545

(a) provision for audit of financial statements

264

380

b) provision for financial statement and accounting services

50

104

c) provision for sales commissions

1 421

587

d) provision for bonuses

691

123

e) legal and consulting services

18

146

f) cloud services

79

185

g) other provisions

243

20

Total

3 034

1 716

Provision for sales commissions

In this item of provisions, the Group recognizes expected liabilities related to commissions payable to sales and

implementation service providers in connection with sales processes performed for the Group.

Note 19.2 Change in other provisions (short-term)

Data for the period from 01.01.2025 to 30.09.2025

Specification

Value as of

01.01.2025

Increases

Utilization

Dissolution

Value as of

30.09.2025

Provisions for pensions and

similar benefits, including:

171

234

136

0

269

a) for unused vacation leave

171

234

136

0

269

Other reserves, including:

1 544

5 664

4 182

261

2 766

a) provision for audit of

financial statements

380

19

117

19

264

(b) provision for financial

statements and accounting

services

104

291

329

15

50

c) provision for sales

commissions

587

2 697

1 701

162

1 421

d) provision for bonuses

123

684

116

0

691

e) legal and consulting

services

146

175

284

19

18

(f) cloud services

185

992

1 058

39

79

g) other reserves

20

806

576

6

243

Total

1 716

5 898

4 318

261

3 034

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 53

Note 20.1 Sales revenue - by type

Information on estimates

The Company performs performance obligations, among which some, in particular those related to the fulfillment

of contracts in the area of DataWalk software implementation, are valued according to the degree of progress of

the service. Preparation of this type of valuation requires estimation of the remaining costs to be incurred and

revenues in order to measure the degree of progress of work under a given contract. The degree of progress of the

contract may be determined in two ways: a) according to the documented advancement of work on the contract

(possible documents: minutes of receipt of successive stages of work, settlement of working hours on the

contract), b) if it is not possible to assess the degree of progress of work, it is possible to assume that the degree

of progress of the contract is proportional to the costs incurred during the period. The preparation of the valuation

and the resulting revenue recognition in each case requires the exercise of professional judgment and appropriate

estimates. The Company is not a party to agreements under which it would be a lessor.

Revenue from sales

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

Sales of licenses

19 016

3 659

Technical assistance

9 797

7 083

Professional services

2 289

4 805

Total

31 102

15 547

Note 20.2 Sales revenues - territorial structure

Sales revenues

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

Sales Poland

4 353

4 688

Sales North and South America

4 348

4 715

Other regions

22 401

6 144

Total

31 102

15 547

Note 20.3 Sales revenues - customer groups

Revenues from sales

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

Government sector, including:

8 373

5 563

- Law enforcement agencies (LEAs)

7 166

2 491

- Intelligence agencies

670

1 391

- Other government organizations

537

1 681

Private sector, including:

22 730

9 984

- Banking

19 722

6 698

- Insurance

399

473

- Other

2 608

2 813

Total

31 102

15 547

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 54

Note 20.4 Sales revenues - by method of recognition in the profit and loss

account

Sales revenues

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

For goods and services provided at a specific point in

time, including:

19 016

3 659

- license

19 016

3 659

For goods and services provided over time, including:

12 086

11 888

- maintenance

9 797

7 083

- professional services

2 289

4 805

Total

31 102

15 547

Other performance obligations

As of September 30, 2025, the Group analyzed the total amount of the transaction price attributable to performance

obligations that remained wholly or partially unfulfilled as of the balance sheet date, and decided to use the

practical exception for performance obligations that are part of a contract with an expected original term of up to

12 months. As a result of the analysis, it was determined that as of September 30, 2025, all performance obligations

valued on a percentage-of-completion basis arise from contracts ending before September 30, 2026. In the case of

DataWalk (maintenance) contracts, the vast majority are indefinite term contracts with a notice period of less than

12 months, so the Group considers the resulting performance obligations to be short-term and decided to take

advantage of the practical exception mentioned above.

Note 21 Cost by nature

Costs by nature

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

Depreciation

3 026

2 781

Consumption of materials and energy

100

96

External services

23 748

19 740

Taxes and fees

82

69

Salaries, including:

57 693

18 541

- salaries

11 632

10 275

- incentive program costs (settled in cash)

40 630

5 881

- incentive program costs (settled in equity instruments)

5 431

2 385

Social security and other benefits

2 457

2 501

Other costs by nature

1 263

1 000

Total costs by nature

88 369

44 727

Cost of revenue

11 843

11 746

Sales and marketing

10 930

11 094

Research and development

11 984

7 941

Administration and general expenses

7 551

5 680

Incentive program

46 061

8 266

Total expenses by function

88 369

44 727

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 55

Note 22 Other operating income

Other operating income

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

Gain on disposal of non-financial fixed assets

0

63

Other operating income, including:

263

230

- rental income

192

204

- compensations received

21

2

- other

50

23

Total

263

293

Note 23 Other operating expenses

Other operating expenses

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

Loss on disposal of non-financial fixed assets

0

39

Revaluation of non-financial fixed assets

1 190

2 450

Other operating expenses

23

8

- other

23

8

Total

1 213

2 497

During the nine-month period ended September 30, 2025, there was no indication for a new impairment test of

intangible assets. Nevertheless, based on the principle of prudent valuation, the Management Board decided to

recognize an impairment loss bearing in mind the result of the test conducted as of December 31, 2024. Thus, as

of the balance sheet date of September 30, 2025, an asset impairment loss was recognized in the total amount of

PLN 1,190 thousand. Details of the impairment allowance are presented in Note 26 - "Asset impairment tests" to

these consolidated financial statements.

Note 24 Financial income

Finance income

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

Interest of other entities, including:

339

131

- Interest on deposits and bank accounts

339

131

Discount on receivables

238

0

Foreign exchange differences

1

0

Total

580

131

During the period under review, the Group sold licenses for which the settlement schedule includes a deferred

payment period of several years. Thus, in accordance with IFRS 15, a discount was established on accounts

receivable resulting from a significant financing component. On this account, during the three quarters of 2025,

the Group recognized financial income in the income statement in the total amount of PLN 238 thousand.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 56

Note 25 Financial expenses

Financial expenses

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

Interest of other entities, including:

88

61

- interest of leasing

44

44

- interest other

44

17

Other, including:

568

166

- foreign exchange differences

568

166

Total

656

227

Note 26 Asset impairment tests

Impairment of non-financial assets in relation to the cash-generating unit responsible for the creation and

development of the DataWalk platform and the sale of DataWalk software licenses

As a result of the asset impairment test conducted as of the balance sheet date of December 31, 2024, it was

estimated that the recoverable amount of the CGU as of that date was PLN 19,273 thousand. Due to the fact that

the growth rate of revenues and costs achieved in the three quarters of 2025 did not differ materially from the

assumptions used in the 2024 impairment test, the Management Board concluded that there was no reason to repeat

the test as of the balance sheet date of September 30, 2025.

Based on the prudent valuation principle, the Management Board decided to write down the value of assets

allocated to the cash-generating unit (hereinafter "CGU") responsible for the creation and development of the

DataWalk platform and the sale of DataWalk software licenses, which is part of DataWalk S.A.'s operating

segment. As a result of the write-down, the net carrying value of the aforementioned assets as of the balance sheet

date of September 30, 2025 reflects the value obtained under last year's impairment test, less, in particular,

depreciation and amortization and changes in the value of development work in progress made during the reporting

period.

The Group revises the value of write-downs on a quarterly basis. Accordingly, in the first quarter of 2025,

revaluation allowances were created in the amount of PLN 1,190 thousand, which were fully recognized in the

income statement under other operating expenses. On the other hand, in the second and third quarters of 2025, the

Group did not recognize impairment charges, as the net value of the CGU was lower than the recoverable value

due to depreciation charges. The recoverable value of the CGU corresponds to its value in use.

The following table shows the amounts of impairment loss recognized in the three quarters of 2025 by asset group.

Asset

Carrying amount of the

CGU as at the balance

sheet date before

recognition of the

impairment loss in the

period

Value of impairment

loss recognized during

the period

Carrying amount of the

CGU as at the balance

sheet date after

recognition of the

impairment loss in the

period

Development work completed

17 940

-1 178

16 762

Property, plant and equipment

24

-1

23

Right-of-use assets

130

-11

120

Total

18 095

-1 190

16 905

The write-down was applied in full to the operating segment, which is DataWalk S.A.. The write-down is non-

cash in nature and has no impact on the Issuer's current financial position.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 57

Note 27 Off-balance sheet liabilities

Contingent liabilities including guarantees and sureties granted by the Group, including promissory notes

The Company's off-balance sheet items include low-value asset lease agreements and collateral for proper

execution of project co-financing agreements under sub-measure 2.3.4. Protection of industrial property of the

Operational Program Inteligent Development, 2014-2020 co-financed by the European Regional Development

Fund, concluded with the Polish Agency for Enterprise.

As of the balance sheet date of September 30, 2025, DataWalk S.A. had four funding agreements, where the funds

obtained by the Company were used to cover costs related to the process of obtaining industrial property rights

protection in the international mode (patents) for the Issuer's inventions. The term of each project ended on

December 31, 2023. In the event of termination of a particular agreement, the Company is obliged to return the

entire subsidy received under that agreement, together with interest at the rate specified for tax arrears. In

connection with the conclusion of each agreement, the Company is required to provide security in the form of a

blank promissory note for a period of 3 years from the date of completion of the project. The total value of the

grant received as of September 30, 2025, and as of December 31, 2024, amounted to PLN 603 thousand.

As of the date of approval for publication of this report, no risks are identified that could result in the need to return

the received financing.

Note 28 Information on operating segments

SEGMENT INFORMATION FOR REPORTING PURPOSES

The DataWalk Group operates in the global IT market in the field of data analytics (so-called Big Data), offering

companies and institutions a unique technology, confirmed by European and US patents, in the form of the

DataWalk analytics platform, which it creates, develops, sells and implements. The Group provides licenses for

its own product in the enterprise IT sector, bringing agile methodologies to highly complex and advanced analytical

environments.

Under IFRS 8, an operating segment is a distinguishable part of the Group's business for which separate financial

information is available and subject to regular evaluation by the chief operating decision maker, related to how

resources are allocated and how business performance is evaluated.

The following operating segments are distinguished in the DataWalk Group:

• The segment comprising DataWalk S.A., which generates revenues from platform sales and deployment,

particularly in EMEA (Europe, Middle East, Africa) and Asia, whose performance is regularly reviewed

by the Issuer's Management Board as the main decision-making body.

• A segment comprising DataWalk Inc. which generates revenues resulting from sales and implementation

activities related to the DataWalk platform primarily in the United States and the rest of the Americas,

the results of which are regularly reviewed by the entity's Management Board as the primary decision-

making body. The performance of the subsidiary included in this segment is reviewed periodically by the

subsidiary's Management Board, and is also reviewed regularly by DataWalk S.A.'s Management Board.

During the period covered by the financial statements, the Group did not make any changes to its organizational

structure that would make it necessary to change the division of reportable segments.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 58

Data for the period from 01.01.2025 to 30.09.2025

Specification

DataWalk S.A.

DataWalk Inc.

Eliminations

Total

Sales revenues from external customers

26 754

4 348

0

31 102

Transactions between segments

7 578

0

-7 578

0

Total operating income of segments

34 332

4 348

-7 578

31 102

Segment operating result

-17 028

-41 377

0

-58 405

Interest income*

578

0

0

578

Other financial income

1

0

0

1

Interest expense**

44

44

0

88

Other financial expenses

568

0

0

568

Significant non-cash items

14 024

36 442

0

50 465

- depreciation

3 026

0

0

3 026

- costs from incentive program

9 399

36 663

0

46 061

- impairment loss on intangible assets

1 190

0

0

1 190

- loss (gain) on expected credit losses

409

-221

0

188

Income tax

0

-7 699

0

-7 699

Net profit (loss), including:

-17 060

-33 721

0

-50 782

- Result attributable to shareholders of the

parent company

-17 060

-33 721

0

-50 782

- result attributable to non-controlling interest

0

0

0

0

Capital expenditures

1 569

0

0

1 569

* Interest income from bank deposits.

** Costs from interest on loans, borrowings and leasing.

Data as of 30.09.2025

Specification

DataWalk S.A.

DataWalk Inc.

Eliminations

Total

Fixed assets, including:

23 352

17 429

0

40 781

- intangible assets

0

0

0

0

Current assets, including:

67 641

7 400

-4 326

70 715

- trade receivables

7 295

1 114

-1 706

6 702

- accruals

1 155

3 064

-2 620

1 599

- cash

56 711

3 141

0

59 852

Long-term liabilities, including:

109

527

0

636

- liabilities from loans and borrowings

0

527

0

527

- lease liabilities

109

0

0

109

Current liabilities, including:

21 797

87 652

-4 326

105 123

- liabilities from loans and borrowings

0

32

0

32

- lease liabilities

423

0

0

423

- liabilities under the incentive program

8 095

82 994

0

91 089

- liabilities under trade and other payables

3 424

1 278

-1 706

2 996

- liabilities under contracts

6 662

3 023

-2 620

7 065

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 59

Data for the period from 01.01.2024 to 30.09.2024

Specification

DataWalk S.A.

DataWalk Inc.

Eliminations

Total

Revenue from sales to external

customers

10 832

4 716

0

15 547

Transactions between segments

5 783

0

-5 783

0

Total operating revenue of segments

16 615

4 716

-5 783

15 547

Operating result of the segment

-22 976

-10 089

0

-33 066

Interest income*

130

0

0

130

Other financial income

0

0

0

0

Interest expenses**

44

16

0

61

Other financial expenses

32

133

0

166

Significant non-cash items

10 934

4 246

0

15 180

- depreciation

2 772

9

0

2 781

- costs related to the incentive program

4 029

4 237

0

8 266

- write-down on assets

2 450

0

0

2 450

- loss (gain) on expected credit losses

1 683

0

0

1 683

Income

0

-890

0

-890

Net profit (loss), including:

-22 922

-9 349

-32 272

- result attributable to shareholders of the

parent company

-22 922

-9 349

0

-32 272

- result attributable to non-controlling

interests

0

0

0

0

Capital expenditure

4 573

0

0

4 573

* Interest income from bank deposits.

** Interest expense on loans, borrowings and leases.

Due to a change in the Management Board's view of operating segments, which was first recognized in the annual

consolidated financial statements for 2024, for comparability of data for the three quarters of 2024, income in the

amount of PLN 4,791 thousand was transferred from the DataWalk Inc. segment to DataWalk S.A.. As a result,

the items "Segment operating profit" and "Net profit (loss)" of the DataWalk Inc. segment decreased by PLN 4,791

thousand and the aforementioned items in the DataWalk S.A. segment increased by this amount.

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 60

Data as of 30.09.2024

Specification

DataWalk S.A.

DataWalk Inc.

Eliminations

Total

Fixed assets, including:

20 283

6 940

0

27 223

- intangible assets

19 059

0

0

19 059

Current assets, including:

24 464

9 660

-4 142

29 981

- trade receivables

565

1 157

-497

1 225

- accruals

673

4 240

-3 645

1 267

- cash

9 013

2 795

0

11 808

Long-term liabilities, including:

532

566

0

1 098

- liabilities from loans and borrowings

0

566

0

566

- lease liabilities

532

0

0

532

Short-term liabilities, including:

11 934

38 450

-4 142

46 242

- liabilities from loans and borrowings

0

34

34

- lease liabilities

475

0

0

475

- liabilities under the incentive program

2 394

33 047

0

35 441

- liabilities under trade and other payables

2 044

622

-497

2 169

- liabilities under contracts

5 349

4 508

-3 645

6 212

INFORMATION ON GEOGRAPHIC AREAS

The geographic breakdown of sales revenues was presented according to the headquarters of the purchasing

contractor's country:

Information on geographic areas

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Sales in Poland, including:

License

0

786

Maintenance

4 111

2 588

Professional services

242

1 314

Total sales in Poland

4 353

4 688

Sales in North and South America, including:

License

0

306

Maintenance

3 132

2 761

Professional services

1 217

1 648

Total sales in North and South America

4 348

4 715

Sales in other countries, including:

License

19 016

2 567

Maintenance

2 554

1 734

Professional services

831

1 844

Total sales in other countries

22 401

6 144

Total sales revenue

31 102

15 547

Condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 61

INFORMATION ON MAJOR CUSTOMERS

Data for the period from January 1, 2025 to September 30, 2025

For the period from January 1 to September 30, 2025, revenue from sales to a single customer exceeded

individually 10% of the Group's sales revenue and totaled PLN 17,232 thousand. This revenue was attributed to

the DataWalk S.A. segment. There are no formal relationships between Group companies and this customer other

than those arising from business relations.

Data for the period from 01.01.2024 to 30.09.2024

For the period from January 1 to September 30, 2024, revenue from sales to one customer exceeded the level of

10% of the Group's sales revenue individually and amounted to PLN 3,466 thousand and was assigned to the

DataWalk Inc. segment. There are no formal relationships between Group companies and these customers other

than those arising from business relationships.

Note 29 Transactions with related entities

Data for the period from 01.01.2025 to 30.09.2025

• In the period of 9 months 2025, DataWalk S.A. recognized revenues from sales to DataWalk Inc. for a

total amount of USD 2,111 thousand, which translated at the average exchange rate of the National Bank

of Poland announced the day before the transaction date amounted to PLN 8,320 thousand. The balance

of mutual settlements on this account as of the balance sheet date of 30.09.2025 amounted to USD 191

thousand, which, translated at the exchange rate as of the balance sheet date, is equivalent to PLN 693

thousand.

• During 9 months 2025, DataWalk S.A. recognized the cost of third-party services to DataWalk Inc. in the

total amount of USD 279 thousand, which, when translated at the average exchange rate of the National

Bank of Poland announced the day before the transaction date, amounted to PLN 1,099 thousand. The

balance of mutual settlements on this account as of the balance sheet date of 30.09.2025 amounted to

USD 279 thousand, which, translated at the exchange rate as of the balance sheet date, is equivalent to

PLN 1,013 thousand.

• During the 9 months of 2025, DataWalk S.A. made capital contributions to DataWalk Inc. in the total

amount of USD 3,200 thousand.

• The transactions concluded by the Issuer with its subsidiary DataWalk Inc. were concluded on an arm's

length basis.

Data for the period from 01.01.2024 to 30.09.2024

• In the 9-month period of 2024, DataWalk S.A. recognized:

- revenues from sales to DataWalk Inc. in the total amount of 1,444 thousand USD, which translated at

the average exchange rate of the National Bank of Poland announced on the day preceding the date of the

transaction amounted to PLN 5,783 thousand.

- cost of third-party services from DataWalk Inc. for the total amount of $242 thousand. USD, which

translated at the average exchange rate of the National Bank of Poland announced on the day preceding

the day of the transaction amounted to PLN 879 thousand. PLN.

- The balance of mutual settlements as of the balance sheet date of 30.09.2024 amounted to USD 1,084

thousand, which, translated at the exchange rate as of the balance sheet date, is equivalent to PLN 4,142

thousand.

• During the 9 months of 2024, DataWalk S.A. made capital contributions to DataWalk Inc. in the total

amount of USD 2,000 thousand.

• Transactions concluded by the Issuer with its subsidiary DataWalk Inc. were concluded on an arm's length

basis.

Additional information to the interim

condensed consolidated financial

statements of the DataWalk Capital

Group

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 63

Basic information

The DataWalk Capital Group (the "Group", "DataWalk Group"), managed by DataWalk S.A. (the "Company",

"Issuer"), specializes in developing and delivering DataWalk's advanced analytics platform, an innovative graph

analytics tool that uses artificial intelligence to enable organizations to efficiently process and analyze large data

sets. The Group also operates DataWalk Inc. with a focus on sales and implementations in North America.

DataWalk's platform integrates graph analytics, artificial intelligence, knowledge graphs, OLAP operations and

advanced data discovery technologies into a single monolithic solution. This enables effective information

management in dynamic environments and informed data-driven decision-making. DataWalk's solution is used by

public and private institutions around the world, including for crime detection, risk management, operational

optimization and strategic decision support.

The Group focuses on serving large organizations, so-called Enterprise Customers, in key markets: North America,

Western Europe and Central Europe and the Nordics. DataWalk is actively participating in the rapidly growing

market for advanced data analytics, including graph analytics and knowledge graphs, which play a key role in

modern information management and the development of artificial intelligence. The integration of DataWalk's

technology with language models (LLMs) makes it possible to minimize errors and provide fact-based analysis.

General information about the Group

Description of the organization of the Issuer's capital group

As of 30.09.2025, the Group consists of DataWalk S.A . as the parent company and the following subsidiaries:

Entity

Registered

address

Scope of operations

Company's

percentage share in

the capital

30.09.2025

Percentage share of

the Company in the

capital

31.12.2024

DataWalk Inc.

Delaware

(USA)

Computer consulting

activities

100%

100%

During the nine months ended September 30, 2025, there were no changes in the Group's structure or in the name

of the parent company or other identifying information.

Data of the Parent Company

Name: DataWalk Joint Stock Company

Registered office: 32-33 Rzeźnicza St., Wrocław ( Poland)

Registered address: Rzeźnicza 32-33 Street, Wrocław (Poland)

Principal place of business: 32-33 Rzeźnicza St., Wrocław (Poland)

Principal object of activity:

Activities related to software,

Computer consulting activities,

Data processing.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 64

Registering authority: The Company is registered in the National Court Register kept by the District Court for

Wroclaw-Fabryczna, VI Economic Department of the National Court Register under the KRS number 0000405409

REGON: 021737247

NIP: 894-303-43-18

Duration of the Company: Unlimited

The Company operates on a "global vendor of products" model, focusing on the development and sale of enterprise

IT products, i.e. specialized software for a specific application, competing globally. The business model adopted

by the Company is characterized by high scalability, translating into potential high margins. This is made possible

by the low proportion of services provided individually to individual customers, both at the pre-implementation

consultation stage and after implementation (maintenance).

DataWalk S.A. is a company established for an indefinite period of time .

The fiscal year of DataWalk S.A. is the calendar year.

The company has no branches.

DataWalk Inc.

Basic information on the Issuer's equity affiliate as of 30/09/2025.

Name: DataWalk Inc.

Registered address: 1209 Orange Street, Wilmington, Delaware 19801

Mailing address: 2000 Broadway Street, STE 232 Redwood City, CA 94063

Principal activity: Information technology consulting activities

Duration of the Company: Unlimited

Method of consolidation: Full method

DataWalk Inc. is a U.S. corporation with its registered office in Wilmington, Delaware, in which the Issuer holds

100.00% of the share capital and votes at the shareholders' meeting. In accordance with DataWalk Inc.'s articles

of association, the Management Board manages the company's affairs and represents the company.

DataWalk Inc. is a company incorporated for an indefinite period.

DataWalk Inc.'s fiscal year is the calendar year.

The financial data of DataWalk Inc. are consolidated using the full method and are reported in the consolidated

financial statements of the DataWalk Group.

As of the date this report was approved for publication, the structure of the DataWalk Group had not changed.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 65

Basis for the preparation of the financial statements - including a description

of circumstances indicating a threat to continuing operations

These consolidated financial statements have been prepared on the assumption that the DataWalk Group will

continue as a going concern for a period of not less than 12 months from September 30, 2025. As of the date of

approval of these consolidated financial statements, there are no circumstances indicating a threat to the Group's

going concern.

To the best knowledge of the Company's Management Board and based on a comprehensive forecast of cash flows,

the market and historical conversion rates of qualified sales prospects, the Company is capable of continuing

operations on the current scale for a period of not less than 12 months from the balance sheet date.

These forecasts correlate with external market analyses prepared by reputable consulting firms (e.g. Gartner) as

well as inquiries from potential customers directed to the Company in recent months. The realization of these

assumptions does not require the Company to make significant capital expenditures or acquire additional operating

or capital resources. In addition, it does not involve additional formal and legal requirements that the Company

would not already meet as of the balance sheet date.

At the same time, the Company's Management Board emphasizes that further dynamic development of the

business, particularly in the go-to-market area, requires additional expenditures. These funds can be raised through

external financing, including, in particular, through further share issues. Raising capital will be crucial for the

implementation of development plans, including the intensification of sales and marketing activities and expansion

in foreign markets, especially in Western Europe and the United States.

The Company's Management Board emphasizes that business activities involve inherent uncertainties and risks,

and despite the measures taken by the Company's Management Board to support the Company's financial stability,

in particular by securing additional sources of financing and optimizing expenditures for investing and operating

activities, it is necessary to recognize that factors such as changes in market conditions, customer demand, the

regulatory environment and other unexpected events may affect the Company's ability to achieve its projected

results and secure the necessary financing for further business development.

As of the date of approval of these consolidated financial statements for publication, the Issuer's management has

considered the impact of the armed conflict in Ukraine on the Group's going concern and has not identified any

significant circumstances indicating a threat to the Group's going concern.

Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting

Standards ("IFRS") as endorsed by the EU ("EU IFRS").

IFRS include standards and interpretations accepted by the International Accounting Standards Board and the

International Financial Reporting Interpretations Committee ("IFRIC").

As of the date of authorization of this report for publication, given the ongoing process of IFRS standards in the

EU and the Group's operations, there is no difference in the Group's accounting policies between IFRS standards

that have come into force and IFRS standards approved by the EU.

The scope of these interim condensed consolidated financial statements, which are part of the quarterly report, is

in accordance with the Decree of the Minister of Finance dated March 29, 2018 on current and periodic information

provided by issuers of securities and the conditions for recognizing as equivalent information required by the laws

of a non-member state (consolidated text: Journal of Laws 2018, item 757) (the "Ordinance") and includes the

reporting period from January 1 to September 30, 2025 and the comparative period from January 1 to September

30, 2024 for the income statement with the statement of comprehensive income and the statement of cash flows,

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 66

respectively, as well as balance sheet data as of September 30, 2025 and comparative data as of December 31,

2024.

The subsidiary maintains its books of accounts in accordance with accounting policies (principles) prescribed by

local regulations. The consolidated financial statements include adjustments not recognized in the subsidiary's

books of accounts, which were made to bring the subsidiary's financial statements into compliance with IFRS.

The Company's Management Board declares that, to the best of its knowledge, these interim condensed

consolidated financial statements and comparative data have been prepared in accordance with the accounting

principles applicable to the DataWalk Group and that they give a true, true and fair view of the property and

financial position of the DataWalk Group and its financial result.

Impact of the political and economic situation in the territory of Ukraine

The war in Ukraine has been ongoing since February 24, 2022, creating a new, ever-changing and unpredictable

economic situation in the world. Representatives of the European Union, the United States, the United Kingdom

and many other countries have imposed harsh sanctions on Russia, which mainly affect strategic sectors of the

Russian economy by blocking access to technology and markets, and announce the introduction of more.

Currently, the Group has not identified any significant negative impact on its business. In the three quarters of

2025, as in previous years, the Group did not sell DataWalk software to customers or partners in Russia, Belarus

or Ukraine. The Group does not have a supply chain that could potentially be exposed to supply interruption risks

which could negatively impact the Group's operational capabilities. The Group also does not have any investments

or subsidiaries in the regions involved in the conflict. Among the personnel of the Group's companies, there are

no people from Ukraine, where there is a risk of possible loss of employees due to military mobilization in the

country at war.

However, given the dynamic situation in Ukraine, it cannot be ruled out that the ongoing conflict, depending on

its further development and actions taken at the national and international level, could have a significant negative

impact on the economic situation in Poland and worldwide, which could translate into the Group's ability to

implement its plans and its future financial results. Therefore, the Group's management monitors and analyzes

available information and takes measures to minimize the impact of the situation on its operations as far as possible

as events develop.

Functional and reporting currency

The consolidated financial statements are presented in Polish zlotys (PLN), which is the functional currency for

the parent company and the presentation currency in the consolidated statements of the DataWalk Group, and all

values, unless otherwise indicated, are in thousands of zlotys. Any differences of PLN 1 thousand when summing

up are due to the rounding adopted.

The functional currency of foreign subsidiaries is the currency of the country in which they are headquartered. At

the balance sheet date, the assets and liabilities of these foreign subsidiaries are translated into the Group's

presentation currency at the exchange rate in effect at the balance sheet date, and their statements of comprehensive

income are translated at the average exchange rate for the fiscal period, calculated as the arithmetic average of the

exchange rates announced by the National Bank of Poland on the last day of the month of the year. The effects of

such translations are recognized in equity under "Exchange rate differences on translation."

The following average exchange rates of the National Bank of Poland were used to value balance sheet items

denominated in foreign currencies:

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 67

Statement of financial position

30.09.2025

31.12.2024

1 EUR

4,2692

4,2730

1 USD

3,6315

4,1012

1 GBP

4,8830

5,1488

Consolidated income statement with consolidated statement of

comprehensive income

01.01-30.09.2025

01.01-30.09.2024

1 EUR

4,2365

4,3109

1 USD

3,7851

3,9979

1 GBP

4,9849

5,0527

The average exchange rate of the National Bank of Poland announced for a given currency on the day preceding

the date of the transaction was used to value transactions recognized in the income statement with the statement

of comprehensive income.

Estimates and professional judgment

The preparation of consolidated financial statements in accordance with IFRS requires estimates and assumptions

that affect the amounts reported in the financial statements. Although the assumptions and estimates made are

based on the Group's management's best knowledge of current activities and events, actual results may differ from

those anticipated.

Under IFRS, the amortization period for intangible assets should reflect the best estimate of how long the entity

will derive economic benefits from the asset. Therefore, in connection with the release of a new version of

DataWalk software (5.0.0) during the reporting period, the economic useful life of this intangible asset was

reassessed. Consequently, the amortization period of the DataWalk software was reduced from 5 years to 3 years

under the current accounting policy, which represents a change in estimates under IAS 8.

Details of the aforementioned change are further described in Note 2.1 Intangible assets under "Selected notes and

explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the 9 months

ended September 30, 2025.

During the nine-month period ended September 30, 2025, there were no other significant changes in the method

of estimation compared to the principles described in the Group's annual consolidated financial statements for the

year ended December 31, 2024.

Accounting policies adopted

These interim condensed consolidated financial statements have been prepared in accordance with International

Financial Reporting Standards and interpretations issued by the International Accounting Standards Board as

approved by the European Union, under the IFRS Regulation (European Commission 1606/2002), hereinafter

referred to as "EU IFRS."

EU IFRS include standards and interpretations accepted by the International Accounting Standards Board (IASB)

and the International Financial Reporting Interpretations Committee (IFRIC), approved for use in the EU.

The interim condensed consolidated financial statements do not include all information and disclosures required

in the annual financial statements and should be read in conjunction with the Group's consolidated financial

statements for the year ended December 31, 2024.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 68

Changes in applied accounting principles

A description of the significant accounting policies applied by the Issuer is included in the financial statements for

the year ended December 31, 2024, which were published on April 3, 2025.

The accounting principles (policies) applied in the preparation of these interim condensed consolidated financial

statements are consistent with those applied in the preparation of the Group's annual consolidated financial

statements for the year ended December 31, 2024, except for the change described below.

During the reporting period, changes were made to the existing accounting principles (policies) of the DataWalk

Group with regard to the method of accounting, presentation of operating costs and the form of the Profit and Loss

Account in the financial statements in the following areas:

• The current method of recording operating costs for presentation in the Profit and Loss Account by Nature

of Expense is supplemented by a method of recording costs that allows them to be presented in the Profit

and Loss Account by Function of Expense.

• The primary form of presentation of the Income Statement has been changed from the Profit and Loss

Account by Nature of Expense to the Profit and Loss Account by Function of Expense.

The new policies for the accounting and presentation of operating costs, and the format of the Profit and Loss

Account, apply to the DataWalk Group’s consolidated financial statements starting from January 1, 2025.

The change in the Group's accounting policies to introduce the function of expense classification for the recording

and presentation of operating costs is driven by the strategic objectives of the Management Board, the

informational needs of the Group’s key stakeholders, and the necessity to align the presentation of financial data

with standards commonly used by technology companies and the expectations of the capital market.

The main objectives and benefits of the change are as follows:

• Better assessment of business profitability by the market and investors, which is crucial in understanding

the value created by the DataWalk Group.

• Facilitating the assessment and valuation of the business for transaction purposes.

• Increased transparency of financial reporting and comparability with other entities operating in the industry.

• Support for internal management and operational decision-making.

The change in accounting policy in this respect is in line with the applicable provisions of the Polish Accounting

Act and International Financial Reporting Standards (IFRS).

Cost allocation as a result of the change

Function of Expense Classification

In the calculation layout, costs are grouped according to the functions they perform in the Group's operations.

The main items include:

Cost of revenue: Includes costs directly related to the acquisition or production of products or services sold,

including:

• Cost of license revenue: The DataWalk license is the result of prior research and development work and its

production does not generate costs when sold and delivered to the customer. Due to the marginal unit costs

associated with the sale of licenses, the Group recognizes only the costs directly related to the purchase of

external licenses that are components of the DataWalk system and the cost of commissions directly related

to the sale of DataWalk licenses in the cost of revenue.

• Cost of maintenance revenue: Direct costs related to the provision of technical support services, which the

Group includes in full the costs of operating the Support department, the relevant portion of the costs of

departments responsible for the provision of professional services directly related to their involvement in

the provision of support services, as well as the cost of sales commissions resulting from the sale of

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 69

maintenance services.

• Costs of professional services revenue: Direct costs related to the implementation of the DataWalk system

and other professional services (not including technical support/maintenance), which the Company includes

as the relevant portion of the costs of the departments responsible for the provision of professional services,

as well as the cost of sales commissions resulting from the sale of professional services.

Other operating costs of the Company:

Sales and marketing: These include direct costs of the sales department (excluding commissions, which are

recognized at the level of cost of sales), direct costs of the marketing department, as well as the relevant portion

of the costs of departments responsible for the provision of professional services directly related to sales and

marketing activities.

Research and development: These include all direct costs of the Research & Development department, as well as

the relevant portion of the costs of departments responsible for the provision of professional services directly

related to tasks in the area of software development (R&D). The main cost groups for research and development

are, in particular:

a) depreciation, including that relating to intangible assets in the form of DataWalk software, arising from

the capitalization of completed development costs,

b) programmer salaries and the purchase of programming services from external entities,

c) cloud services,

d) other costs directly attributable to this function (e.g., costs of purchasing software development licenses).

Administration and general costs: These include costs related to the management of the Company and

administrative costs.

Incentive program: These include costs related to both the Company's share-based program and the RSU-based

program.

The costs of incentive programs are presented as a separate item in the Profit and Loss Account. This separation

is justified due to:

a) variability and materiality: The amount and variability of incentive program costs are material to the

financial statements, especially in the case of RSUs, where liabilities are remeasured to fair value at each

balance sheet date in accordance with IFRS 2.

b) widespread nature: The programs cover a wide range of employees from different departments. Due to

the fact that the terms and conditions of incentive programs are not directly linked to the operational

objectives of individual functions, their precise allocation to specific functions is impractical or

impossible without arbitrary assumptions.

Thus, separating the costs of incentive programs as a separate item in the Income Statement ensures greater

transparency, prevents distortions in gross margin and other ratios, and is consistent with the overriding principles

of IAS/IFRS, in particular the principle of materiality and the requirement for fair presentation of results, as

indicated in IAS 1.

Nature of Expense Classification

The nature of expense classification includes the basic types of costs incurred by the Group, regardless of where

they arise. Costs in the nature of expenses include, among others: depreciation, consumption of materials and

energy, external services, taxes and charges, salaries (including incentive program costs), social security and other

benefits, and other costs by nature.

In accordance with the requirements of IAS 1, the Group disclosed additional information on costs by nature in

note 21 "Classification of costs" to the consolidated financial statements of the Group, which ensures compliance

with applicable financial reporting standards.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 70

New standards, interpretations

The Group has not opted for early adoption of any standard, interpretation or amendment that has been published

but has not yet become effective. The Group is analyzing how the introduction of these standards and

interpretations may affect the financial statements and the Group's accounting policies.

Information on corrections of prior period errors

During the nine months ended September 30, 2025, there were no events resulting in the need to correct a

fundamental error.

Approval of financial statements

These condensed interim consolidated financial statements of the DataWalk Group

for the nine-month period ended September 30, 2025 were approved for publication by the Company's

Management Board on November 12, 2025.

Operating segments

Information on operating segments is presented in Note 28 "Segment information" under "Selected notes and

explanatory notes to the interim condensed consolidated financial statements of the DataWalk Group" for the nine

months ended September 30, 2025.

Explanatory commentary regarding seasonality or cyclicality of operations

during the interim period

The Group does not record seasonality of revenues. The variation in revenues recorded between the quarters of

the accounting periods is due to incidental factors affecting the dates of entering into contracts with customers and

the invoicing of revenues from these contracts.

Type and amounts of items affecting assets, liabilities, equity, net income or

cash flows that are unusual due to their nature, size or frequency

In the second quarter of 2025, the Company's Management Board, with the approval of the Supervisory Board,

conducted an investor capital raising through the issuance of new series S shares with exclusion of pre-emptive

rights for existing shareholders. As a result of the issue, the Company raised capital to implement the adopted

development strategy in the total amount of PLN 58,320,000, which also significantly affected the value of equity.

Details of the aforementioned share issue are presented in "Issue, redemption and repayment of non-equity and

equity securities" below.

In addition, a significant factor that affected the Group's equity is the accounting for the incentive program based

on Restricted Stock Units (RSUs), recognized in accordance with the requirements of IFRS 2 "Share-based

Payment."

Unlike the Company's share-settled incentive program, whose accounting treatment remains neutral to equity, the

valuation of the RSU-based portion of the program results in a reduction in equity, which amounted to PLN 73,660

thousand as of September 30, 2025, compared to PLN 40,728 thousand as of December 31, 2024. These amounts

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 71

include the program's operating cost and the value of income tax (the effect of the incentive program liability on

the value of deferred tax assets).

Both due to the significance of this item in the Group's equity (in result items), the total balance sheet total, as well

as due to the future and contingent nature of the liability resulting from the implementation of the implemented

incentive program, the Management Board notes that the recognized costs are currently non-cash in nature and

have no impact on the current financial position of the Group and the Company.

Details of the RSU-based incentive program are presented in the Group's consolidated financial statements in Note

17 "Incentive program liabilities."

During the period under review, there were no other significant items affecting assets, liabilities, equity, net income

or cash flows that were unusual due to their nature, value or frequency.

In the opinion of the Management Board, the political and economic situation in Ukraine did not have a significant

impact on the Group's financial result generated during the period. For a description of the impact of the situation

in Ukraine, see "Impact of the political and economic situation in the territory of Ukraine".

Information on write-downs of inventories to net realizable value and

reversal of such write-downs

As of the balance sheet date, the Group does not hold any inventories.

Information on recognition of impairment loss on financial assets, property,

plant and equipment, intangible assets or other assets and reversal of such

loss

During the nine-month period ended September 30, 2025, the Group recognized impairment losses on:

• financial assets,

• tangible fixed assets,

• intangible assets,

• right-of-use assets.

Details of the recognized write-downs are presented in Note 26 "Asset impairment tests", Note 6.2 "Allowance for

expected credit losses on trade receivables", and Note 5 "Contract assets and liabilities" under "Selected notes and

explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the nine

months ended September 30, 2025.

Information on creation, increase, use and reversal of provisions

Information on provisions is presented in Note 19 "Other provisions (short-term)" under "Selected notes and

explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the nine

months ended September 30, 2025.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 72

Information on deferred tax liabilities and assets

Information regarding deferred tax assets and liabilities is presented in Note 4 "Deferred tax assets and liabilities"

under "Selected notes and explanatory notes to the interim condensed consolidated financial statements of the

DataWalk Group" for the nine months ended September 30, 2025.

Issuance, redemption and repayment of non-equity and equity securities

In the second quarter of 2025, the Company's Management Board, with the approval of the Supervisory Board,

carried out a process of raising investor capital through the issuance of new series S shares with exclusion of pre-

emptive rights for existing shareholders, which the Issuer announced within the framework of ESPI current reports.

Agreements for the subscription of series S shares were concluded on April 15, 2025. The Shares were taken up

by private subscription on the basis of the Share Subscription Agreements, and therefore no shares were allotted

within the meaning of Article 434 of the Commercial Companies Code. The private subscription included 750,000

Series S ordinary bearer shares with a nominal value of PLN 0.10 and all shares were taken up. Series S shares

were subscribed for at an issue price of PLN 77.76 per share. As a result of the issue, the Company raised capital

to implement the adopted development strategy in the total amount of PLN 58,320,000.

On May 16, 2025, the District Court for Wrocław-Fabryczna in Wrocław, VI Economic Department of the

National Court Register registered amendments to the Company's Articles of Association, adopted on the basis of

a resolution of the Issuer's Management Board dated April 14, 2025 on increasing the Company's share capital

within the limits of authorized capital through the issuance of new series S shares.

On May 23, 2025, series S shares were registered with the National Securities Depository S.A., in turn, pursuant

to Resolution No. 914/2025 of the Management Board of the Warsaw Stock Exchange S.A., the shares were listed

on the main market on July 14, 2025.

During the first nine months of 2025, there were no issues, redemptions or repayments of non-equity and other

equity securities other than those mentioned above.

Information on events subsequent to the end of the interim period that have

not been included in the financial statements for the interim period

There were no significant events after the end of the interim period that were not included in the financial

statements for the period.

Information on dividends paid (in total or per share), broken down by

common shares and other shares

During the nine months ended September 30, 2025 and until the date of approval for publication of these financial

statements, no dividends or dividend advances were paid or declared.

In the case of financial instruments measured at fair value - information on

change in the manner (method) of its determination

Changes did not occur.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 73

Information on transfers between levels of the fair value hierarchy, which is

used for the purpose of measuring the fair value of financial instruments

Did not occur.

Changes in the classification of financial instruments as a result of changes

in the purpose or use of these assets

There was no change in the purpose or use of financial assets during the nine months ended September 30, 2025,

and therefore no changes in their classification.

Information on changes in business conditions and economic circumstances

that affect the fair value of the entity's financial assets and financial

liabilities, regardless of whether these assets and liabilities are recognized at

fair value or at amortized cost

We would like to inform you that the business conditions and the economic situation of the Group and its

environment, as well as the growth rate of revenues and costs achieved in the three quarters of 2025 did not differ

materially from the assumptions made in the Group's strategy and in the 2024 impairment test. Accordingly, the

Management Board concluded that there was no reason to perform the impairment test again as of the balance

sheet date of September 30, 2025.

The Group continuously monitors the impact of the political and economic situation in Ukraine on the Group's

operations, including its future financial position and future financial performance. For a description of the impact

of the situation in Ukraine, see "Impact of the political and economic situation in the territory of Ukraine."

Information on significant acquisitions and sales of property, plant and

equipment

There were no significant acquisitions and sales of property, plant and equipment during the nine months ended

September 30, 2025.

Information on commitments made for the purchase of property, plant and

equipment

During the nine months ended September 30, 2025, there were no material events relating to the purchase of

property, plant and equipment having the nature of a material commitment.

Information on litigation settlements

During the nine months ended September 30, 2025, there were no material settlements for litigation.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 74

Information on outstanding loans or breaches of loan agreements for which

no corrective action had been taken by the end of the reporting period

During the reporting period, there were no defaults in the repayment of principal or interest on loans and

borrowings, nor were there any violations of other terms and conditions of loan agreements entitling the lender or

borrower to demand early repayment of the loan or borrowings.

Detailed information on borrowings is presented in Note 16 "Borrowings (long-term and short-term)" under

"Selected notes and explanations to the interim condensed consolidated financial statements of the DataWalk

Group" for the nine-month period ended September 30, 2025.

Information on changes in contingent liabilities and contingent assets that

have occurred since the end of the last fiscal year

For a description of contingent liabilities, see Note 27, "Off-balance sheet liabilities," under "Selected notes and

explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the six months

ended September 30, 2025.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 75

Commentary and other information

additional to the quarterly report

DataWalk Capital Group

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 76

Commentary and other additional information to the quarterly report of the DataWalk Capital Group

Summary and analysis of the DataWalk Capital Group's results for the

period from January 1 to September 30, 2025.

In the case of the data presented, any differences of PLN 1 thousand or 1% when adding up are due to the rounding adopted.

Commentary on the financial results of the DataWalk Group

Table 1. Selected consolidated financial data for the three quarters of 2025 and the comparable period (in PLN

thousand).

Specification

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Change

Change

%

Revenue

31 102

15 547

15 555

100%

Cost of revenue

11 843

11 746

97

1%

Gross profit (loss) on sales

19 259

3 802

15 458

407%

Operating expenses (OPEX)

76 526

32 981

43 545

132%

Other operating expenses (income), net

1 138

3 886

-2 749

-71%

OPEX

76 526

32 981

43 545

132%

OPEX adjustment for significant cash, including:

50 215

13 393

36 822

275%

- depreciation

2 964

2 677

287

11%

- incentive program

46 061

8 266

37 795

457%

- impairment losses on intangible assets

1 190

2 450

-1 260

-51%

OPEX adjusted

26 312

19 588

6 723

34%

EBIT

-58 405

-33 066

-25 339

77%

EBIT adjustment for significant non-cash items,

including:

50 465

15 180

35 285

232%

- depreciation

3 026

2 781

245

9%

- incentive program

46 061

8 266

37 795

457%

- impairment losses on assets

1 378

4 133

-2 755

-67%

Adjusted EBITDA

-7 940

-17 886

9 946

-56%

Net profit (loss) attributable to shareholders of the parent

company

-50 782

-32 272

-18 509

57%

CFO

-12 013

-11 211

-802

7%

CAPEX

-1 569

-4 573

3 004

-66%

FCF

-13 582

-15 783

2 201

-14%

Total short-term receivables

8 247

2 651

5 596

211%

Financial assets (deposits over 3 months)

91

12 201

-12 110

-99%

Cash and cash equivalents at the end of the period

59 852

11 808

48 044

407%

Cash and deposits over 3 months at end of period

59 943

24 009

35 934

150%

Total short-term receivables and cash

68 190

26 660

41 530

156%

Source: Issuer.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 77

OPEX = (sum of sales and marketing, research and development, administration and overhead expenses, incentive program, other operating

expenses and loss (gain) from expected credit losses) - other operating income,

Net other operating expenses (income) = other operating expenses + loss (gain) on expected credit losses - other operating income

Costs arising from asset write-downs = non-cash costs arising from revaluation of non-financial assets + non-cash loss (gain) from expected

credit losses,

EBIT = Result from operations,

Adjusted EBITDA = EBIT + depreciation and amortization + estimated costs related to the incentive program payable in the Company's own

shares (settled in cash and equity instruments) + non-cash costs resulting from asset impairment charges,

CFO = Cash from operating activities,

CAPEX = expenditures for acquisition of property, plant and equipment + expenditures for acquisition of intangible assets + expenditures for

ongoing development work,

FCF = CFO - |CAPEX|.

The key parameter based on which the Group's management evaluates the efficiency of operations expressed

through financial results is adjusted EBITDA. This parameter cleans up the result on operating activities by the

most significant costs of an estimated and non-cash nature, which include the costs of the incentive program (in

this case also due to an indefinite settlement date), the change in asset impairment charges, as well as depreciation

and amortization. This is because the aforementioned items do not affect the current financial position (especially

liquidity) of the Company and the Group.

Consolidated adjusted EBITDA for the three quarters of 2025 amounted to PLN -7,940 thousand, compared to

PLN -17,886 thousand in the comparative period. The most important influences on this change were, in particular:

• increase in sales revenues,

• an increase in operating expenses resulting from an increase in the size of teams in the sales and marketing

areas, as well as an increase in the cost of salaries and external services,

• capitalization of lower costs in the R&D area.

Although the indicated non-cash items, by which the operating result is adjusted, do not affect the assessment of

the Group's current financial position, they are significant for the financial statements as a whole. Therefore, these

costs are provided with additional commentary below.

The significant increase in the Group's total operating expenses in the three quarters of 2025 relative to the

comparable period in 2024 was due in particular to the different effects of the valuation of incentive programs in

the amount of PLN 37,795 thousand.

The total cost of incentive programs recognized in operating expenses in the period under review amounted to

PLN 46,061 thousand, compared to PLN 8,266 thousand in the three quarters of 2024. This difference consists of

an increase in the cost of the program:

• based on Company shares: from PLN 2,385 thousand in the three quarters of 2024 to PLN 5,431 thousand

in the period under review,

• based on RSUs: from PLN 5,881 thousand in the three quarters of 2024 to PLN 40,630 thousand in the

period under review.

The biggest impact on the significant change in the cost of the RSU-based program was the revaluation of RSUs

under IFRS 2 as of the balance sheet date of September 30, 2025, in the amount of PLN 39,122 thousand, while

in the comparable period the value of the revaluation amounted to PLN 3,542 thousand. As a result, the posted

difference in the cost of RSU revaluation, amounting to PLN 35,580 thousand, accounts for 94% of the change in

the total cost of incentive programs and is the main factor explaining the change in operating expenses.

Details of the Group's incentive programs in operation are presented in Notes 14 and 17 to the consolidated

financial statements.

During the reporting period, the Group recognized impairment losses on non-financial assets, particularly

development work, in the total amount of PLN 1,190 thousand. In addition, allowances for net credit risk

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 78

(understood as the difference between increases and decreases in allowances during the period) were recognized

in the area of receivables and contract assets in the total amount of PLN 188 thousand.

The net financial result for the three quarters of 2025 was PLN -50,782 thousand, while in the comparative period

it was PLN -32,272 thousand. In addition to the factors described above, the change in the financial result was

most influenced by the difference in the valuation of deferred income tax in the amount of PLN -6,809 thousand,

resulting from the revaluation of the incentive program liability as of the balance sheet date of September 30, 2025.

Gross margin on sales

In the three quarters of 2025, the gross margin on sales stood at 62%. The biggest impact on the change in sales

result relative to the comparable period was:

• an increase in sales revenues relative to the three quarters of 2024 (i.e. by PLN 15,555 thousand), and

• a change in the product mix, i.e. a higher share of license sales characterized by a higher gross margin than

other products and services.

Table 2. Total gross margin on sales in the three quarters of 2025 and in the comparable period (data in PLN

thousand).

01.01.2025 - 30.09.2025

Licenses

Maintenance

Professional

services

Total

Revenue

19 016

9 797

2 289

31 102

Cost of revenue

1 676

4 846

5 321

11 843

Gross profit (loss) on sales

17 340

4 951

-3 032

19 259

Gross margin on sales

91%

51%

-132%

62%

01.01.2024 - 30.09.2024

Licenses

Maintenance

Professional

services

Total

Revenue

3 659

7 083

4 805

15 547

Cost of revenue

997

4 480

6 269

11 746

Gross profit (loss) on sales

2 663

2 603

-1 464

3 802

Gross margin on sales

73%

37%

-30%

24%

Source: Issuer.

A key factor that contributed to the improvement in profitability during the reporting period was the sale of licenses

to the top-ranked European bank Rabobank of the Netherlands and to one of the federal security agencies in a

European Union member state, as well as an increase in revenues from technical assistance services for existing

customers.

This led to the aforementioned change in the product mix and brought the revenue structure by product in the three

quarters of 2025 closer to the optimal distribution in the Commercial Off-The-Shelf (COTS) model, i.e., where

the share of license sales is about 70% of total revenues, while the share of subscription revenues from technical

assistance services accounts for about 20-25%, and professional services account for the remainder of revenues.

This is a very significant change affecting the profitability of the overall business, because in DataWalk's current

business model, it is the licensing component that has the highest margins compared to technical assistance and

professional services.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 79

Source: Issuer.

Gross margin by revenue stream

➢ Gross margin on license sales

Sales of DataWalk licenses do not involve significant unit costs of production or delivery to the customer, as they

are the result of completed research and development. The unit cost of sales is marginal, as the intellectual property

rights to DataWalk software belong to the Group, and the number of licenses that can be granted is virtually

unlimited. Consequently, the main items of cost of sales of licenses include only the cost of purchasing external

licenses used as components of the DataWalk system and the cost of commissions directly related to the sale of

DataWalk licenses.

Table 3. Gross margin on license sales in the reporting and comparable period.

Item (data in PLN thousand)

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Change

License revenue

19 016

3 659

420%

Cost of license revenue

1 676

997

68%

Gross profit (loss) on sales

17 340

2 663

551%

Gross margin on license sales

91%

73%

Source: Issuer.

In the three quarters of 2025, the Group achieved a gross margin on sales of DataWalk software licenses of 91%.

Compared to the three quarters of 2024, the Group generated PLN 14,677 thousand higher profit on license sales

(i.e., by 551%), which was significantly influenced on the revenue side by the aforementioned license sales to

Rabobank and to one of the federal security agencies in an EU member state. On the other hand, the

disproportionately lower increase in costs relative to the dynamics of revenues is due in particular to the

renegotiation of the terms of cooperation with the supplier of the license constituting the main component of the

DataWalk system, which took place in mid-2024.

➢ Gross margin on maintenance sales

In the period under review, the gross margin on sales of technical assistance services amounted to 51%, a noticeable

improvement over the comparable period. The increase in the margin by PLN 2,348 thousand is mainly due to the

increase in revenue relative to the three quarters of 2024 by PLN 2,714 thousand, i.e. by 38% relative to the

comparable period.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 80

Table 4. Gross margin from sales of technical assistance services in the reporting and comparable period.

Item (data in PLN thousand)

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Change

Maintenance revenue

9 797

7 083

38%

Cost of maintenance revenue

4 846

4 480

8%

Gross profit (loss) on sales

4 951

2 603

90%

Gross margin on technical assistance sales

51%

37%

Source: the Issuer.

The increase in the value of maintenance revenues in the three quarters of 2025 by PLN 2,714 thousand compared

to the comparative period results from :

● PLN 793 thousand increase in net revenues being the difference between revenues from newly acquired

customers and the loss of revenues from non-renewal of maintenance services by existing customers,

● PLN 2,068 thousand increase in the value of revenues from regular customers maintaining maintenance

services in 2024 and the reporting period, which is mainly due to the Group's use of price indexation

when renewing contracts for subsequent periods,

● -146 thousand of foreign exchange difference resulting from the change in the value of the average

USD/PLN exchange rate adopted for the purposes of preparing the consolidated income statement for the

three quarters of 2025 (1 USD = 3.7851) and the comparative period (1 USD = 3.9600).

Table 5. Comparison of the value of the Group's maintenance revenues, as well as the number of customers in the

three quarters of 2025 against the comparative period.

Item

01.01.2024 -

30.09.2024

Foreign

exchange

differenc

es

Departures*

**

Acquired**

Retained*

01.01.2025 -

30.09.2025

Revenue from

maintenance (in

thousands of PLN)

7 083

-146

-827

1 620

2 068

9 797

Number of

clients/projects

40

-

-13

5

27

32

Source: Issuer.

* Retained - difference in maintenance revenue including customers who generated revenue for the Group both in the period

covered by the report and in the comparative period.

** Acquired - customers who generated revenue in the period covered by the report, but did not affect the value of revenue in

the comparative period.

*** Departures - customers who generated revenue in the comparative period, but did not affect the value of revenue in the

reporting period due to non-renewal of maintenance services.

The number of maintenance customers in the three quarters of 2025 amounted to 32, a net decrease from the

comparable period by 8 customers, or 20%. However, despite the decrease in the number of customers, the Group

recorded an increase in revenue from maintenance services sales, which is due to the increase in average

maintenance revenue per customer by 35% to PLN 398 thousand on an annualized basis (TTM), which confirms

the effectiveness of the Group's strategy, particularly its focus on a smaller number of large customers.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 81

Table 6. average TTM technical assistance revenue per customer in the reporting and comparable periods.

(including exchange rate differences)

Item

01.10.2024-

30.09.2025

01.10.2023-

30.09.2024

Maintenance revenue in TTM (in PLN thousand)*

12 733

9 397

Number of customers/projects for which maintenance services are

provided

32

40

Average revenue per customer (in thousands of PLN)

398

235

Source: Issuer.

* Average revenue from maintenance services on a TTM basis = total revenue from maintenance for the last four quarters /

number of clients/projects for which this service is provided at the end of the reporting period.

As of the balance sheet date of September 30, 2025, the Group has an obligation to transfer to customers the

services for which the Group has received remuneration or the amount of remuneration is due. The value of these

obligations is reflected in the balance sheet item "contractual obligations", according to which it expects to

recognize revenue of PLN 7,065 thousand in the following quarters. Compared to the comparative period, i.e. as

of September 30, 2024, the value of total contract liabilities increased by PLN 853 thousand, or 14%.

➢ Gross margin on professional services sales

In the three quarters of 2025, the loss on sales of professional services amounted to PLN 3,032 thousand. As a

result, the Group reported a negative margin of 132% in this business area, the level of which is due to the

disproportionate dynamics between revenues and costs of their realization.

The decrease in revenue from sales of professional services by PLN 2,516 thousand (i.e. by 52%) relative to the

comparable period was due to a decrease in the volume of projects carried out.

In turn, the key factors that reduced the margin on the cost of revenue side were:

• inclusion in the period's expenses of PLN 1,805 thousand of costs related to the implementation of

projects generating relatively low revenues (e.g., POC), or related to the continuation of projects for which

revenues were recognized in earlier periods,

• an increase in the cost of implementation projects by the amount of PLN 414 thousand (i.e. by 13%),

resulting from the update of the level and structure of salaries of the Field Engineering team.

Table 7. shows the gross margin on sales of professional services in the reporting and comparable period.

Item (data in PLN thousand)

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Change

Professional services revenue

2 289

4 805

-52%

Cost of professional services revenue

5 321

6 269

-15%

Gross profit (loss) on sales

-3 032

-1 464

107%

Gross margin on professional services

-132%

-30%

Source: Issuer.

In the COTS (Commercial Off-the-Shelf) business model, sales of services are complementary, generating a

relatively small portion of the Group's revenue. However, these services play an important role in ensuring the

proper implementation and operation of the product at the customer's site, which consequently supports the

strategic goal of maximizing revenues from the two key business areas. The Group's key business areas are based

on high-margin royalties and maintenance services, which are key sources of value and competitive advantage.

The Group's operating strategy is based on working with stand-alone customers who do not require a significant

service component at both the implementation and maintenance stages. In cases where the need for services does

arise, the fulfillment of this need will be done primarily through the partner network rather than through the Group's

internal resources

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 82

As customers become more independent and the network of partners specializing in implementation and post-

implementation services grows (including for customers who prefer to outsource specialists or hire employees),

the share of revenue from service sales and their importance in the Group's bottom line will gradually decline. The

Group's goal is to gradually transfer responsibility for professional services to partners, which will allow it to

further focus resources and investments on development and license sales.

Operating costs

Table 8. operating expenses and operating income in the three quarters of 2025 and the comparable period (data

in thousands of PLN)

Specification

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Change

Sales and marketing

10 930

11 094

-1%

Research and development

11 984

7 941

51%

Administration and general expenses

7 551

5 680

33%

Incentive program

46 061

8 266

457%

Total

76 526

32 981

132%

Source: Issuer.

➢ Sales and marketing costs

These costs include the direct expenses of the sales and marketing departments, as well as the cost of pre-sales

activities (pre-sales) performed by an internal team of implementation engineers (Field Engineering). For this

reason, their amount can fluctuate significantly from quarter to quarter, depending on the number and scale of pre-

sales activities (e.g., workshops and customer presentations) that require technical support.

In the coming periods, the Group plans to significantly increase investments in sales and marketing. These

investments are key to sustaining stable and dynamic revenue growth in the future.

Source: Issuer.

➢ Research and development

The Group classifies as R&D costs the direct costs of the R&D department and part of the costs of the professional

services department allocated to software development. Depreciation and amortization is also an important

category of R&D costs, including, in particular, DataWalk software arising from completed development work.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 83

As a result of the release of DataWalk software version 5.0.0 in April 2025, in accordance with the requirements

of IAS 38, the Group ceased capitalizing costs for further software development, while assuming that any further

expenditures relating to an already commercialized product such as the DataWalk Platform would be recognized

as an expense for the period. As a result of the adopted change, operating R&D costs increased by PLN 3,045

thousand relative to the comparable period.

In addition, in response to market and technological changes, the Group made decisions to:

● shortening the amortization period of DataWalk software from 5 years to 3 years, which increased

depreciation expense by PLN 418 thousand relative to the comparable period , as well as,

● increase in R&D costs by PLN 287 thousand resulting from the update of the level of salaries and wages,

as well as changes in the size and structure of the development team,

● inclusion in costs related to the Group's operating results of variable remuneration for key personnel in

the R&D department in the amount of PLN 211 thousand.

The above-mentioned events were the main factors influencing the increase in the value of operating R&D costs

by PLN 4,043 thousand compared to the three quarters of 2024.

These expenditures, which include both operating expenses and the activated portion of the work, account for 43%

of sales revenue. This reflects heavy investment in platform development, particularly in the areas of natural

language processing (NLP) and graph algorithms. The Company is currently focused on further enhancing these

capabilities through the integration of LLM (large language models) and GenAI (generative artificial intelligence)

technologies, with the aim of automating processes and deploying AI agents on an enterprise scale.

Source: Issuer.

➢ Administration and general expenses

The Group's general and administrative (G&A) expenses increased by PLN 1,870 thousand in the three quarters

of 2025 compared to the same period. This change consisted of:

● PLN 593 thousand higher Field Engineering team costs allocated to G&A expenses. This increase is a

result of the update of the level and structure of the Field Engineering team's salaries, as well as the higher

allocation of this department's resources to tasks of general management of the organization, in particular

those related to the improvement of implementation processes, or the implementation and development

of internal training programs.

● Increased variable costs of salaries and services, directly linked to the Group's operating results. These

costs were higher by PLN 1,159 thousand compared to the same period in 2024.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 84

Source: Issuer.

➢ Incentive program

The change in the value of incentive program costs in the amount of PLN 37,795 thousand. was explained when

discussing the Group's EBITDA result above.

The valuation of incentive program costs, based on IFRS 2, is characterized by high variability between quarters,

which is particularly evident in the case of RSU-based program costs. Therefore, directly relating these costs to

the Group's total revenues on a quarterly basis may lead to inadequate conclusions.

Other operating expenses (income), net

Table 9. operating expenses and operating income in the three quarters of 2025 and the comparable period (data

in thousands of PLN)

Specification

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Change

Other operating income

263

293

-10%

Other operating expenses, including:

1 213

2 497

-51%

- impairment losses on intangible assets

1 190

2 450

-51%

Loss (gain) on expected credit losses

188

1 683

-89%

Other operating expenses (income), net

1 138

3 886

-71%

Source: Issuer.

* Other operating expenses (income), net = other operating expenses + loss (gain) on expected credit losses - other operating

income.

The main components of the Group's other net operating expenses in the period under review were impairment

losses on intangible assets and receivables.

Compared to the three quarters of 2024, these write-downs were lower by PLN 2,755 thousand, due to two factors:

• a decrease in impairment losses on intangible assets by PLN 1,260 thousand due to the lower net value of

these assets being tested for impairment,

• a decrease in allowances for impairment of receivables by PLN 1,495 thousand, due to the fact that a one-

time, incidental write-down was recognized in the comparative period. Currently, credit risk is minimal,

and the age structure of receivables remains at a very good level.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 85

Costs by nature

Table 10. Costs by nature and adjusted costs by nature of the Group in the three quarters of 2025 and the

comparative period (data in PLN thousand).

Item

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Change

Depreciation

3 026

2 781

9%

Consumption of materials and energy

100

96

4%

External services, including:

23 748

19 740

20%

Taxes and fees

82

69

19%

Salaries, including:

57 693

18 541

211%

- salaries

11 632

10 275

13%

- incentive program costs (settled in cash)

40 630

5 881

591%

- incentive program costs (settled in equity instruments)

5 431

2 385

128%

Social security and other benefits

2 457

2 501

-2%

Other operating expenses

1 263

1 000

26%

Total costs by nature

88 369

44 727

98%

Adjusted costs by nature

39 282

33 680

17%

Source: Issuer.

Adjusted costs by nature = Total costs by nature - costs of incentive program (settled in cash) - costs of incentive program

(settled in equity instruments) - depreciation and amortization.

The main reason for the increase in adjusted costs by nature by PLN 5,602 thousand was an increase in the cost of

salaries and wages and third-party services, resulting in particular from the recognition of higher variable costs

dependent on the Group's performance by PLN 2,619 thousand and the capitalization of a lower value of costs in

the R&D area by PLN 3,045 thousand.

DataWalk Group's cash flow

Table 11. Selected items from the cash flow statement in the first half of 2025 and the comparable period (in PLN

thousand).

Specification

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Change

CFO

-12 013

-11 211

7%

CFI, including:

-1 196

-15 972

-93%

- CAPEX

-1 569

-4 573

-66%

CFF

56 202

26 880

109%

Change in cash for the period of 9 months period

42 993

-303

-

Source: Issuer.

CFO = net cash flow from operating activities,

CFI = net cash flow from investing activities,

CAPEX = expenses for acquisition of property, plant and equipment + expenses for acquisition of intangible assets + expenses

for ongoing development work,

CFF = net cash from financing activities.

As of September 30, 2025, the Group maintained a satisfactory liquidity position, which enables the Management

to return to the implementation of the adopted growth strategy and prepare for the scaling phase of operations.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 86

Total cash and cash equivalents and short-term receivables at the end of the reporting period amounted to PLN

68,190 thousand. The inclusion in this amount of contract assets and long-term receivables, whose value as of the

same date was PLN 6,809 thousand, results in a total amount of PLN 74,999 thousand of assets with a low risk of

conversion to cash and a relatively high degree of liquidity.

Cash flow analysis indicates the following trends:

Cash flow from operating and investing activities (FCF) in the last nine months of 2025 amounted to PLN -13,582

thousand, and on an annualized basis (last 12 months) FCF amounted to PLN -20,716 thousand.

Based on the above figures, the current "cash consumption rate" ("cash run rate") is 39 months. With the inclusion

of the long-term portion of unbilled receivables and contract assets, this rate increases to 43 months.

The Group's cash from operating activities ("CFO") amounted in the three quarters of 2025. PLN -12,013 thousand,

which was mainly influenced by:

i) operating loss adjusted for depreciation, amortization, incentive program costs and change in asset

impairment (adjusted EBITDA) of PLN 7,940 thousand; and

ii) an increase in accounts receivable of PLN 3,879 thousand.

Flows on investing activities (CFI) of the Group in the three quarters of 2025 amounted to PLN -1,196 thousand,

particularly influenced by:

i) expenses for the development of DataWalk software in the amount of PLN 1,505 thousand;

ii) recognition of proceeds from interest on bank deposits in the total amount of PLN 373 thousand.

Cash from financing activities (CFF) of the Group in the three quarters of 2025 amounted to PLN 56,202 thousand,

influenced by:

i) the inflow of funds in the total net amount of PLN 56,572 thousand as a result of the issue of new S shares;

and

ii) repayment of the Issuer's lease liabilities in the amount of PLN 362 thousand.

DataWalk Group balance sheet

Table 12. Selected asset items as of September 30, 2025 and the end of December 2024 (in thousands of PLN).

Assets

30.09.2025

31.12.2024

Change

Intangible assets

16 762

19 033

-12%

Right-of-use assets

432

796

-46%

Contract assets

927

888

4%

Long-term receivables

5 883

172

3328%

Trade receivables

6 702

8 872

-24%

Other short-term receivables

1 544

1 206

28%

Short-term financial assets

91

93

-2%

Cash and cash equivalents

59 852

16 499

263%

Deferred income tax assets

17 429

9 730

79%

Other assets

1 875

1 195

57%

Total assets

111 496

58 482

91%

Source: the Issuer.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 87

Table 13. Selected items of liabilities as of September 30, 2025 and the end of December 2024 (in thousands of

PLN).

Liabilities

30.09.2025

31.12.2024

Change

Equity

5 737

-5 558

-

Incentive program liabilities

91 089

50 459

81%

Trade payables

2 996

2 263

32%

Loans and borrowings

559

641

-13%

Lease liabilities

532

849

-37%

Contract liabilities

7 065

7 184

-2%

Other liabilities

3 519

2 645

33%

Total liabilities

111 496

58 482

91%

Source: Issuer.

Management notes that a significant factor affecting the Group's equity is the accounting for the incentive program

based on Restricted Stock Units (RSUs), recognized in accordance with the requirements of IFRS 2 "Share-based

Payment."

Unlike the Company's share-settled incentive program, whose accounting treatment remains neutral to equity, the

valuation of the RSU-based portion of the program results in a reduction of equity. Under IFRS 2, the value of

RSUs is subject to revaluation at each balance sheet date, and their valuation is directly correlated with the price

of DataWalk S.A. shares. As a result, the program's impact on equity and liabilities, both at the individual and

consolidated levels, will continue to change until the performance conditions of the granted units are met.

With the above in mind, the Management Board - in order to ensure comparability of data and presentation of

equity in terms cleared of the RSU valuation effect - also presents equity ratios adjusted for the impact of this

program.

Table 14 Equity adjusted for the impact of the RSU-based incentive program as of September 30, 2025 and the

end of December 2024 (in thousands).

Item

30.09.2025

31.12.2024

Change

Equity

5 737

-5 558

-

Liabilities under the incentive program (+)

91 089

50 459

81%

Deferred income tax assets related to RSUs (-)

17 429

9 730

79%

Equity adjusted for impact of RSU-based incentive

program

79 397

35 171

126%

Source: Issuer.

Both due to the materiality of this item in the Group's equity (in profit and loss items), the total balance sheet, as

well as due to the future and contingent nature of the liability resulting from the implementation of the implemented

incentive program, the Management Board notes that the recognized costs are currently non-cash in nature and

have no impact on the current financial position of the Group, as well as the Company.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 88

Table 15. shows selected financial ratios of the DataWalk Group as of September 30, 2025 and as of December

31, 2024.

Specification

30.09.2025

31.12.2024

Current financial liquidity ratio

9,9

5,1

Quick liquidity ratio

8,6

3,1

Total debt ratio

8%

13%

Equity debt ratio

10%

18%

Working capital (in PLN thousand)

62 146

22 192

Source: Issuer.

The Management Board decided to adjust the above ratios for the following items, which have no impact on the

Group's current liquidity position:

● costs of the RSU-based incentive program, both due to the materiality of this item in liabilities, assets (for

deferred income tax) and equity (in performance items), as well as due to the future and contingent nature

of the liability resulting from the implementation of the implemented incentive program and the fact that

the recognized costs are currently non-cash,

● prepayments and accrued expenses, as they include expenses that were incurred in advance, while they

relate in whole or in part to subsequent periods, thus the recognized asset is non-monetary in nature,

● contract liabilities representing deferred income, which due to their economic nature, i.e. the probability

that they represent an actual liability to be covered by cash in the future is very low, are treated as non-

cash liabilities.

Current liquidity ratio = [Current (current) assets - Prepaid expenses] / [Current (current) liabilities - non-cash cost of RSU-

based incentive program - contract liabilities],

Immediate liquidity ratio = Cash / [Current (short-term) liabilities - non-cash cost of RSU-based incentive program - contract

liabilities],

Overall debt ratio = (Liabilities and provisions for liabilities excluding incentive program liabilities and contract liabilities /

(Total assets excluding the impact of the incentive program on the value of deferred tax assets)) × 100%,

Debt to equity ratio = (Liabilities and provisions for liabilities excluding incentive program liabilities and contract liabilities) /

(Equity + non-cash cost of RSU-based incentive program - impact of incentive program on value of deferred tax asset) × 100%,

Working capital = [current (short-term) assets excluding prepaid expenses]. - [current liabilities excluding non-cash cost of

RSU-based incentive program and contract liabilities].

Description of the Issuer's significant achievements or failures during the

period covered by the report, together with a list of the most important events

concerning the Issuer and events and factors, including unusual ones, which

have a significant impact on the financial results in the period from January

1 to September 30, 2025.

• In February 2025, DataWalk S.A. entered into an agreement with Kooperativa pojišťovna, a.s., Vienna

Insurance Group for a 5-year extension of cooperation for further maintenance of the DataWalk system. This

system is used by this client to prevent insurance fraud. The continuation of the long-standing cooperation

confirms the value and effectiveness of the DataWalk platform for the insurance market.

• In March 2025, DataWalk S.A. signed a framework agreement and the first order with Coöperatieve

Rabobank U.A. ("Rabobank", "the Bank"), based in the Netherlands. The agreement is for the purchase of

DataWalk's platform to build a next-generation graph analytics-based analytics system.

The first stage involves the sale of a temporary license and sets the terms of a 5-year cooperation for the

delivery and implementation and technical support of the DataWalk platform in one of the Bank's operating

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 89

departments. At the initial stage, the project will cover less than 5% of the department's users. The target is

to develop the platform by integrating new teams and automating financial crime analytics processes, which

creates the potential to expand the license to the enterprise level.

The concluded agreement with Rabobank confirms DataWalk's technological competitiveness and ability to

serve global banking entities.

In addition, the acquisition of this order based on a revised license price list confirms the effectiveness of the

new technology monetization strategy. The cooperation with Rabobank significantly strengthens DataWalk's

position in the financial sector, opening up prospects for further development and revenue growth.

The conclusion of this agreement also brought the total contracted value ("Total Contract Value", "TCV") of

the DataWalk Group in the last 12 months above PLN 65 million to PLN 66.14 million.

Exceeding this threshold confirms the effectiveness of the new pricing strategy and the prospects for revenue

growth in the coming years.

• In April 2025, the Company completed a series S share issue within the limits of authorized capital, issuing

750,000 shares and raising PLN 58,320,000.00 in investor capital. On May 16, 2025. Commercial Division

of the National Court Register registered the capital increase along with relevant amendments to the

Company's Articles of Association, formally completing the process. The funds raised significantly increased

equity and improved the Group's financial position, providing a solid basis for implementing the Group's

development strategy.

• In June 2025, the General Meeting of Shareholders of DataWalk S.A. passed Resolution No. 21 authorizing

the Company's Management Board to increase the share capital excluding the pre-emptive rights of the

Company's shareholders within the limits of the authorized capital allowing the issuance of up to 750,000

shares. This solution is intended to provide the Company with flexible and effective mechanisms for raising

capital, enabling efficient financing of the Group's further development.

• In June 2025, the General Meeting of Shareholders of DataWalk S.A. passed Resolution No. 22, pursuant to

which a new total pool of 485,000 entitlements was created under the incentive programs of the Company

and its subsidiary, comprising RSUs and stock entitlements. This pool, will be distributed by decision of the

Management Board (or the Supervisory Board in cases required by law), and is aimed at strengthening the

Group's competitiveness in the labor market, attracting and retaining key professionals, and further

supporting the implementation of the growth strategy in the rapidly growing analytics and AI technology

segment.

• In May 2025, the Company completed the implementation and certification of an Information Security

Management System (ISMS) in accordance with PN-EN ISO/IEC 27001:2023-08. The scope of the

certification covers software development activities and related services, including implementation,

maintenance, technical support, data analysis and training. The ISMS system implemented at DataWalk S.A.

is a comprehensive solution focused on protecting information and ensuring data integrity, confidentiality

and availability. It includes control mechanisms, risk management procedures, as well as technical and

organizational measures adapted to the specific nature of the Company's operations. The certification

obtained confirms the compliance of the adopted standards with international information security

requirements and is an important element in building the trust of customers and business partners.

• In June 2025, DataWalk was awarded the EcoVadis bronze medal in the first assessment conducted by this

globally recognized certification body. This assessment confirms the Company's existence of a structured

sustainability management system and active commitment to environmental, social and ethical areas, as well

as sustainable purchasing practices. The result provides a solid starting point for further improvement of ESG

policies and sends an important signal to customers and business partners that the Company operates in a

responsible manner and in accordance with international sustainability standards

• In April 2025, the release of the DataWalk platform version 5.0.0 took place. The software developed in the

course of development work to date was considered a commercialized and fully mature product. The said

version introduced a number of key changes, in particular:

a) support for containerized deployment (Kubernetes): which enabled scalable and flexible deployment of

the platform in modern cloud environments, adapting the product to current and future market needs,

b) more powerful analytical tools: these have enhanced the platform's ability to process increasingly large

and complex data sets.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 90

Given the above, the Group concluded that further expenditures on the development of the platform, while

necessary to maintain its competitiveness and quality, no longer meet the stringent criteria of IAS 38, and are

therefore recognized as period costs.

• In August 2025, the Company signed a contract with one of the federal security agencies in a member country

of the European Union (the "Customer") to sell licenses of the DataWalk platform as part of further expansion

of the pilot project environment started in 2024 at the Customer and to prepare for a phased increase in the

use of the DataWalk platform in its operations. Obtaining references from this Client will confirm the

usefulness of the DataWalk product in the operational work of law enforcement agencies at the most

advanced European entities in this area. The success of this implementation may have a positive impact on

the Group's competitive position and growth prospects.

• During the nine months ended September 30, 2025, there were no material setbacks, in particular the loss of

key customer(s).

Personal authorities at DataWalk S.A.

Management Board

Paweł Wieczyński, President of the Management Board

Coordinates issues related to the Company's operations, shaping and implementing sales, HR (except reserved for

other Board members) and PR/IR policies.

Krystian Piećko, Member of the Management Board

Responsible for preparation and development of product strategy based on the latest technologies.

Łukasz Socha, Member of the Management Board

He coordinates the activities of the Company's administrative division, including accounting and financial, legal

and tax issues, and financial reporting.

During the nine months ended September 30, 2025, the composition of DataWalk S.A.'s Management Board was

as follows:

Management Board

Period in office during the reporting period

Paweł Wieczyński

01.01.2025 - 30.09.2025

Krystian Piećko

01.01.2025 - 30.09.2025

Łukasz Socha

01.01.2025 - 30.09.2025

Source: Issuer.

The current Management Board of the Issuer was appointed by the resolutions of the Supervisory Board dated

December 19, 2024 for a joint, 3-year term, which began on January 1, 2025 and will end on December 31, 2027.

As of the date of this report, the composition of the Company's Management Board has not changed.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 91

Supervisory Board

As of September 30, 2025, the composition of the Issuer's Supervisory Board is as follows:

• Grzegorz Dymek - Chairman of the Supervisory Board,

• Wojciech Dyszy - Vice Chairman of the Supervisory Board,

• Piotr Bindas - Member of the Supervisory Board,

• Rafał Wasilewski - Member of the Supervisory Board,

• Ireneusz Wąsowicz - Member of the Supervisory Board.

During the nine-month period ended September 30, 2025, the composition of the Company's Supervisory Board

was as follows:

Supervisory Board

Period in office during the reporting period

Grzegorz Dymek

01.01.2025 - 30.09.2025

Wojciech Dyszy

01.01.2025 - 30.09.2025

Piotr Bindas

01.01.2025 - 30.09.2025

Rafał Wasilewski

01.01.2025 - 30.09.2025

Ireneusz Wąsowicz

01.01.2025 - 30.09.2025

Source: Issuer.

The Issuer's current Supervisory Board was appointed for a joint 3-year term, which began on July 1, 2024 and

will end on June 30, 2027.

As of the date of this report, the composition of the Company's Supervisory Board has not changed.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 92

Description of changes in the organization of the Issuer's capital group,

including as a result of business combinations, gaining or loss of control over

subsidiaries and long-term investments, as well as demergers, restructurings

or discontinued operations, as well as identification of entities subject to

consolidation, and in the case of an issuer that is a parent company which is

not required to or may not prepare consolidated financial statements under

the regulations applicable to it - additionally an indication of the reason and

legal basis for the lack of consolidation

Organizational structure of the Group

The organizational structure of the DataWalk Group as of September 30, 2025 and in the comparable period:

Subsidiaries of the Issuer.

Source: Issuer.

DataWalk Inc. is consolidated by DataWalk S.A. within the consolidated financial statements.

Description of changes in the Group's organizational structure

During the nine-month period ended September 30, 2025 and as of the date of approval for publication of this

report, there were no changes in the structure of the Group.

DataWalk S.A.

DataWalk Inc.

(100.00% share in the share capital and votes)

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 93

Shareholding structure of DataWalk S.A.

Shares and shareholding

Shareholding structure as of November 12, 2025 (share in the total number of votes)

Source: Issuer.

As of the date of approval for publication of this report, i.e. November 12, 2025, the Shareholders holding directly

or through subsidiaries at least 5.0% of the total number of votes are as follows:

Shareholder

Number of shares

Number of votes

Share in share

capital

Share in the total

number of votes

FGP Venture sp. z o.o.*

1

1 175 000

1 900 000

18,41%

26,73%

Funds managed by Nationale-

Nederlanden Powszechne

Towarzystwo Emerytalne S.A.

2

841 083

841 083

13,18%

11,83%

RAISE SAS

3

625 000

625 000

9,79%

8,79%

Others

3 741 905

3 741 905

58,62%

52,64%

Total

6 382 988

7 107 988

100,00%

100,00%

Source: Issuer.

* Mr. Pawel Wieczynski holds 198,000 shares of FGP Venture Sp. z o.o., which represents 33.33% of the share capital and

votes at the shareholders' meeting of FGP Venture Sp. z o.o..

Mr. Krystian Piećko holds 198,000 shares in FGP Venture Sp. z o.o., which represents 33.33% of the share capital and votes

at the meeting of shareholders of FGP Venture Sp. z o.o.

Mr. Sergiusz Borysławski holds 198,000 shares of FGP Venture Sp. z o.o., representing 33.33% of the share capital and votes

at the meeting of shareholders of FGP Venture Sp. z o.o.

1

In accordance with current report No. 14/2025 dated May 16, 2025.

2

In accordance with the number of shares indicated in the list of persons entitled to participate in the General Meeting held on June 25, 2025.

3

In accordance with current report No. 15/2025 dated May 21, 2025.

FGP Venture sp. z o.o.

26,73%

Funds managed by Nationale-

Nederlanden Powszechne

Towarzystwo Emerytalne S.A.

11,83%

RAISE SAS

8,79%

Others

52,64%

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 94

Shareholding structure as of August 28, 2025 (share in the total number of votes)

Source: Issuer.

As of August 28, 2025, the date of publication of the previous interim report, the shareholder structure is as follows:

Shareholder

Number of shares

Number of votes

Share in share

capital

Share in the total

number of votes

FGP Venture sp. z o.o.*

4

1 175 000

1 900 000

18,41%

26,73%

Funds managed by Nationale-

Nederlanden Powszechne

Towarzystwo Emerytalne S.A.

5

841 083

841 083

13,18%

11,83%

RAISE SAS

6

625 000

625 000

9,79%

8,79%

Others

3 741 905

3 741 905

58,62%

52,64%

Total

6 382 988

7 107 988

100,00%

100,00%

Source: Issuer.

* Mr. Pawel Wieczynski holds 198,000 shares of FGP Venture Sp. z o.o., which represents 33.33% of the share capital and

votes at the shareholders' meeting of FGP Venture Sp. z o.o..

Mr. Krystian Piećko holds 198,000 shares in FGP Venture Sp. z o.o., which represents 33.33% of the share capital and votes

at the meeting of shareholders of FGP Venture Sp. z o.o.

Mr. Sergiusz Borysławski holds 198,000 shares of FGP Venture Sp. z o.o., representing 33.33% of the share capital and votes

at the meeting of shareholders of FGP Venture Sp. z o.o.

4

In accordance with current report No. 14/2025 dated May 16, 2025.

5

In accordance with the number of shares indicated in the list of persons entitled to participate in the General Meeting held on June 25, 2025.

6

In accordance with current report No. 15/2025 dated May 21, 2025.

FGP Venture sp. z o.o.

26,73%

Funds managed by Nationale-

Nederlanden Powszechne

Towarzystwo Emerytalne S.A.

11,83%

RAISE SAS

8,79%

Others

52,64%

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 95

Shares held by management and supervisory personnel

Shares of DataWalk S.A. held by managing and supervising persons as of the date of approval for publication of

this report, i.e. November 12, 2025.

Name and surname

Function

Number of shares

(pcs.)

Total par value (in

PLN)

Paweł Wieczyński*

President of the Management Board

58 161

5 816,10

Krystian Piećko*

Member of the Management Board

58 283

5 828,30

Łukasz Socha

Member of the Management Board

1 000

100,00

Grzegorz Dymek

Chairman of the Supervisory Board

0

0

Wojciech Dyszy

Vice-Chairman of the Supervisory Board

1 000

100,00

Piotr Bindas

Member of the Supervisory Board

4 090

409,00

Rafał Wasilewski

Member of the Supervisory Board

0

0

Ireneusz Wąsowicz

Member of the Supervisory Board

0

0

Source: Issuer.

* Two members of the Company's Management Board are also shareholders and members of the management

board of FGP Venture Sp. z o.o., whose shareholding in the Issuer's shareholding structure is presented under

"Shareholding structure as of November 12, 2025" and "Shareholding structure as of August 28, 2025."

Ownership of conditional entitlements to acquire or purchase DataWalk S.A. shares under the incentive program

by managing and supervising persons as of the date of approval for publication of this report, i.e. November 12,

2025.

Name

Function

Number of shares (pcs.)

Łukasz Socha

Member of the Management Board

16 600

Source: Issuer.

As of August 28, 2025, i.e. the date of publication of the previous periodic report, the ownership of DataWalk S.A.

shares by managing and supervising persons is as follows:

Name

Function

Number of shares

(pcs.)

Total nominal value

(PLN)

Paweł Wieczyński*

President of the Management Board

58 161

5 816,10

Krystian Piećko*

Member of the Management Board

58 283

5 828,30

Łukasz Socha

Member of the Management Board

1 000

100,00

Grzegorz Dymek

Chairman of the Supervisory Board

0

0

Wojciech Dyszy

Vice-Chairman of the Supervisory Board

1 000

100,00

Piotr Bindas

Member of the Supervisory Board

4 090

409,00

Rafał Wasilewski

Member of the Supervisory Board

0

0

Ireneusz Wąsowicz

Member of the Supervisory Board

0

0

Source: the Issuer.

* Two members of the Company's Management Board are also shareholders and members of the Management

Board of FGP Venture Sp. z o.o., whose share in the Issuer's shareholding structure is presented in "Shareholding

structure as of November 12, 2025" and "Shareholding structure as of August 28, 2025."

Ownership of conditional entitlements to acquire or purchase DataWalk S.A. shares under the incentive program

by managing and supervising persons as of the date of approval for publication of the previous report, i.e. August

28, 2025.

Name

Function

Number of shares (pcs.)

Łukasz Socha

Member of the Management Board

16 600

Source: Issuer.

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 96

Information on significant court proceedings

As of the date of approval for publication of this report, the companies of the DataWalk Group were not a party to

any proceedings pending before a court, a competent authority for arbitration proceedings or a public

administration authority.

Information on transactions concluded by the Issuer or its subsidiary with

related parties on terms other than market terms, together with their

amounts and information specifying the nature of such transactions

Transactions concluded by the Issuer with its subsidiary DataWalk Inc. were concluded on arm's length terms.

For a description of related party transactions, see Note 29, "Related party transactions," under "Selected notes

and explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the nine

months ended September 30, 2025.

Information on granting by the Issuer or its subsidiary of sureties for credit

or loan or granting of guarantees

During the 9-month period ended September 30, 2025. Neither the Issuer nor its subsidiary, granted any loan or

credit sureties or guarantees.

Assessment of the possibility of realization of the financial forecasts for 2025

published by the Management Board.

The DataWalk Group has not published financial performance forecasts for 2025.

Factors that, in the opinion of the Management Board, will affect the

achieved results in the perspective of at least the next quarter

In the Management Board's opinion, the most important external and internal factors that may affect the DataWalk

Group's operations and results include:

External elements and trends that may affect the Group's prospects

• The growing importance of data processing, analysis and use (Big Data),

• The dynamic growth of threats arising from cyber activities,

• Increase in the scale and quality of anti-money laundering and anti-avoidance activities,

• Automation of dataset analysis processes,

• Increasing user-friendliness of dataset analysis tools,

• Increase in the number of certifications required, such as ISO 27001 (information security).

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 97

Internal elements and trends that may affect the Group's prospects

• The outlook for total revenues and costs generated,

• Level of planned expenditures on marketing and sales activities,

• DataWalk's increasing ability to better value its know-how

• The level of planned costs associated with hiring personnel and purchasing IT services,

• Level of planned investments,

• Registration of new innovative patents in the US.

Other information which, in the Issuer's opinion, is important for assessing

the personnel, property, financial situation, financial result of the Group and

their changes, as well as information which is important for assessing the

Issuer's Group's ability to fulfill its obligations

The Issuer is not aware of any information other than those mentioned in this report, the disclosure of which could

materially affect the assessment of the Group's personnel, property and financial position.

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 98

Interim condensed financial statements of DataWalk S.A.

Interim condensed

standalone financial statements

DataWalk S.A.

Interim condensed financial statements of DataWalk S.A. for the 9-month period ended on

September 30, 2025.

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 99

Interim condensed standalone statement of financial position of DataWalk

S.A.

Assets

30.09.2025

31.12.2024

A.

Fixed assets

23 352

20 096

I.

Tangible fixed assets

83

96

II.

Intangible assets

16 762

19 033

III.

Right-of-use assets

432

796

IV.

Investments in subsidiaries

0

0

V.

Long-term receivables

5 883

172

VI.

Long-term accruals

192

0

B.

Current assets

67 641

23 172

I.

Contract assets

927

888

II.

Trade receivables

7 295

5 515

IV.

Other receivables

1 463

1 188

V.

Financial assets

91

93

VI.

Prepayments

1 155

569

VII.

Cash and cash equivalents

56 711

14 920

Total assets

90 993

43 268

Liabilities

30.09.2025

31.12.2024

A.

Equity

69 087

27 846

I.

Share capital

638

563

II.

Share premium

255 849

199 351

III.

Other capital reserves

9 965

9 965

IV.

Retained earnings

-228 948

-194 812

V.

Financial result for the current year

-20 763

-34 136

VI.

Reserve capital

52 346

46 915

B.

Long-term liabilities

109

427

I.

Lease liabilities

109

427

C.

Short-term liabilities

21 797

14 996

I.

Trade payables

3 424

2 869

II.

Lease liabilities

423

422

III.

Short-term liabilities under the incentive program

8 095

4 128

IV.

Other liabilities

546

545

V.

Other provisions

2 648

1 320

VI.

Contract liabilities

6 662

5 711

Equity and liabilities

90 993

43 268

Net asset value per share

30.09.2025

31.12.2024

Net asset value

69 087

27 846

Number of shares (in pcs.)

6 382 988

5 632 988

Net asset value per share (in PLN)

10,82

4,94

Diluted number of shares (in pcs.)

6 877 290

6 044 362

Diluted net asset value per share (in PLN)

10,05

4,61

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 100

Net asset value per share was calculated based on the number of DataWalk S.A. shares as at the balance sheet date.

The diluted number of shares includes the estimated number of contingent rights to subscribe for and/or acquire

shares of the Company under the incentive program.

Interim condensed standalone income statement with statement of

comprehensive income DataWalk S.A.

Income statement

01.01.2025-

30.09.2025

01.01.2024-

30.09.2024

01.07.2025-

30.09.2025

01.07.2024-

30.09.2024

A

Revenue

34 332

11 824

7 576

3 061

License revenue

19 016

2 279

2 863

100

Maintenance revenue

9 380

6 178

3 298

2 062

Professional Services revenue

5 936

3 367

1 415

899

B

Cost of revenue

8 651

8 156

3 058

2 582

Cost of license revenue

1 409

287

322

110

Cost of maintenance revenue

3 565

3 092

1 235

1 175

Cost of professional services revenue

3 677

4 776

1 500

1 297

C

Gross profit on sales

25 681

3 669

4 518

479

Sales and marketing

6 519

6 382

1 993

2 393

Research and development

11 878

7 583

4 849

2 150

Administration and general expenses

5 204

2 667

1 184

748

Incentive program

9 399

4 029

1 617

517

Other operating income

263

293

88

91

Other operating expenses

1 213

2 497

18

809

Loss (gain) on expected credit losses

409

1 683

-2

-470

D

Operating result

-8 678

-20 880

-5 053

-5 577

Financial income

580

131

390

22

Financial expenses

12 664

7 999

11 456

7 977

E

Profit before tax

-20 763

-28 748

-16 119

-13 532

Income tax

0

0

0

0

F

Net profit (loss)

-20 763

-28 748

-16 119

-13 532

Statement of comprehensive income

01.01.2025-

30.09.2025

01.01.2024-

30.09.2024

01.07.2025-

30.09.2025

01.07.2024-

30.09.2024

Net profit (loss)

-20 763

-28 748

-16 119

-13 532

Other comprehensive income

0

0

0

0

1. Items not transferred to the financial result

0

0

0

0

2. Items transferred to the financial result

0

0

0

0

Total income

-20 763

-28 748

-16 119

-13 532

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 101

Net profit (loss) per share

01.01.2025-

30.09.2025

01.01.2024-

30.09.2024

01.07.2025-

30.09.2025

01.07.2024-

30.09.2024

From continuing operations

Number of shares (in pcs.)

6 012 109

5 331 893

6 012 109

5 632 988

Net profit (loss) per share (in PLN)

-3,45

-5,39

-2,68

-2,40

Diluted number of shares (in units)

6 476 665

5 339 064

6 476 665

5 678 908

Diluted net profit (loss) per share (in PLN)

-3,21

-5,38

-2,49

-2,38

The net profit (loss) per share was calculated based on the weighted average number of shares of DataWalk S.A.

for the given period. The weighted average diluted number of shares includes the estimated number of conditional

rights to subscribe for and/or acquire shares of the Company under the incentive program.

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 102

Interim condensed standalone statement of changes in equity of the DataWalk S.A.

Statement of changes in equity

Share capital

Share

premium

Other capitals

Reserve capital

Retained

earnings

Financial

result of the

current year

Total equity

Balance as of the beginning of the period

01.01.2025

563

199 351

9 965

46 915

-194 812

-34 136

27 846

Increase (decrease) in equity

75

56 497

0

5 431

-34 136

13 373

41 240

Total comprehensive income for the

reporting period, including:

0

0

0

0

0

-20 763

-20 763

- Result of the period

0

0

0

0

0

-20 763

-20 763

Share capital increase

75

56 497

0

0

0

0

56 572

Distribution of profit for the previous year

allocation to capitals

0

0

0

0

-34 136

34 136

0

Changes in capital arising under IFRS2

0

0

0

5 431

0

0

5 431

Balance at end of period 30.09.2025

638

255 848

9 965

52 346

-228 948

-20 763

69 086

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 103

Statement of changes in equity

Share capital

Share

premium

Other capitals

Reserve capital

Retained

earnings

Financial

result of the

current year

Total equity

Balance as of the beginning of the period

01.01.2024

513

171 968

9 965

43 576

-138 616

-56 196

31 210

Increase (decrease) in equity

50

27 383

0

2 385

-56 196

27 448

1 070

Total comprehensive income for the

reporting period, including:

0

0

0

0

0

-28 748

-28 748

- Result of the period

0

0

0

0

0

-28 748

-28 748

Share capital increase

50

27 383

0

0

0

0

27 433

Distribution of profit for the previous year

allocation to capitals

0

0

0

0

-56 196

56 196

0

Changes in capital arising under IFRS2

0

0

0

2 385

0

0

2 385

Balance at end of period 30.09.2024

563

199 351

9 965

45 961

-194 812

-28 748

32 280

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 104

Interim condensed standalone statement of cash flows of the DataWalk S.A.

Statement of cash flows

01.01.2025 -

30.09.2025

01.01.2024 -

30.09.2024

Cash flow from operating activities

Net profit (loss)

-20 763

-28 748

Adjustments for items:

- Depreciation

3 026

2 772

- Foreign exchange gains (losses)

-361

98

- Interest expense

44

44

- Interest and dividend income

-370

-188

- Profit (loss) from investment activities

-1

-135

- Impairment loss on investments in subsidiaries

11 699

7 893

- Impairment loss on intangible assets

1 190

2 450

- Cost of share-based payments (equity-settled)

5 431

2 385

- Cost of share-based payments (settled in cash)

3 967

1 644

- Change in accounts receivable

-7 766

7 620

- Change in receivables - conversion to shares

-7 519

-7 227

- Change in provisions

1 327

64

- Change in liabilities other than for the incentive program

555

-2 474

- Change in prepayments and accruals

-778

109

- Change in contract assets and liabilities

912

2 442

- Other adjustments

0

-345

Net cash flow from operating activities

-9 405

-11 595

Cash flow from investing activities

Expenses for acquisition of intangible assets

1 505

4 551

Expenditure on the acquisition of tangible fixed assets

63

22

Proceeds from the sale of tangible fixed assets

0

63

Net expenditure on acquisition of shares of subsidiaries

4 180

667

Proceeds from bank deposits over 3 months

90

90

Outflow from bank deposits over 3 months

90

12 090

Proceeds from government subsidies received

0

345

Interest received

373

193

Net cash flow from investing activities

-5 376

-16 639

Cash flows from financing activities

Net proceeds from issuance of shares

56 572

27 433

Repayment of finance lease liabilities

317

489

Interest paid

44

44

Net cash from financing activities

56 211

26 900

Net change in cash and cash equivalents

41 430

-1 334

Cash and cash equivalents at the beginning of the period

14 920

10 446

Change due to exchange rate differences

361

-98

Net change in cash and cash equivalents

41 791

-1 433

Cash and cash equivalents at the end of the period

56 711

9 013

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 105

Accounting principles adopted

The accounting policies used in the preparation of the interim condensed financial statements are consistent with

those used in the preparation of the Company's annual financial statements for the year ended December 31, 2024,

and are consistent with the accounting policies presented in "Notes to the interim condensed consolidated financial

statements of the DataWalk Group" for the nine-month period ended September 30, 2025, section "Accounting

policies adopted," except for the change described below, i.e. in "Changes in accounting policies applied."

Changes in applied accounting principles

A description of the significant accounting principles applied by the Issuer is included in the financial statements

for the year ended December 31, 2024, which were published on April 3, 2025.

The accounting principles (policies) applied in the preparation of these interim condensed financial statements are

consistent with those applied in the preparation of the Group's annual financial statements for the year ended

December 31, 2024, except for the change described below.

During the reporting period, changes were made to the existing accounting principles (policies) of the DataWalk

S.A. with regard to the method of accounting, presentation of operating costs and the form of the Profit and Loss

Account in the financial statements in the following areas:

• The current method of recording operating costs for presentation in the Profit and Loss Account by Nature

of Expense is supplemented by a method of recording costs that allows them to be presented in the Profit

and Loss Account by Function of Expense.

• The primary form of presentation of the Income Statement has been changed from the Profit and Loss

Account by Nature of Expense to the Profit and Loss Account by Function of Expense.

The new policies for the accounting and presentation of operating costs, and the format of the Profit and Loss

Account, apply to the Company’s financial statements starting from January 1, 2025.

The change in the Company's accounting principles (policy) regarding the introduction of a calculation format for

the recording and presentation of operating costs is dictated by the strategic objectives of the Management Board,

the information needs of the Group's key stakeholders, as well as the need to adapt the presentation of financial

data to the standards commonly used by technology companies and the expectations of the capital market.

The main objectives and benefits of the change, as well as the principles of cost allocation in the calculation scheme

and by type, are consistent with those presented in point "Additional information to the interim condensed

consolidated financial statements of the DataWalk Capital Group" for the 9-month period ended September 30,

2025, sub-item "Changes in accounting principles."

In accordance with the requirements of IAS 1, the Company disclosed additional information on costs by type in

note "Allocation of costs by type" to the financial statements, which ensures compliance with applicable financial

reporting standards.

Estimates and professional judgment

The preparation of financial statements in accordance with IFRS requires making estimates and assumptions that

affect the amounts reported in the financial statements. Although the assumptions and estimates made are based

on the Company's management's best knowledge of current activities and events, actual results may differ from

those anticipated.

Change in estimate of the economic useful life of DataWalk software

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 106

In accordance with IFRS, the amortization period for intangible assets should reflect the best estimate of the period

during which the entity will derive economic benefits from the asset. Therefore, in connection with the release of

a new version of DataWalk software (5.0.0) during the reporting period, the economic useful life of this intangible

asset was reassessed. Consequently, in accordance with the applicable accounting policy, the amortization period

for DataWalk software was shortened from 5 years to 3 years, which constitutes a change in estimates within the

meaning of IAS 8.

Details of the aforementioned change are further described in Note 2.1 Intangible assets under "Selected notes and

explanations to the interim condensed consolidated financial statements of the DataWalk Group" for the 9 months

ended September 30, 2025.

During the nine months ended September 30, 2025, there were no other significant changes in the method of

estimation compared to the principles described in the Company's annual financial statements for the year ended

December 31, 2024.

Note Investments in subsidiaries (long-term)

Information on estimates

Under IAS 36, an entity is required to assess at each balance sheet date whether there are indications that any of

its assets may be impaired. If there are indications that these assets may have been impaired, it is necessary to

perform an impairment test to estimate their recoverable amount.

Assessing indications of impairment, as well as testing, requires extensive estimates and professional judgment,

particularly related to estimating future cash flows from operations, or the value of the discount rate.

The Company conducted its most recent impairment tests during the preparation of its financial statements for

2024, ending December 31, 2024.

Financial assets (long-term)

30.09.2025

31.12.2024

In related entities, including:

76 780

65 081

a) shares and stocks

76 780

65 081

Write-downs on the value of shares and stocks in related entities

-76 780

-65 081

Total

0

0

The value of shares represents shares in DataWalk Inc. based in the US. DataWalk is a subsidiary included in the

consolidated financial statements. On July 27, 2016. DataWalk S.A. acquired 100 shares in the company for a total

price of $5,000.00 becoming its sole shareholder. In addition, from 2016 to the balance sheet date of December

31, 2024, the Company made capital contributions to DataWalk Inc. totaling $19,000 thousand. The total value of

the investment in the subsidiary until the balance sheet date of September 30, 2025 is equivalent to PLN 76,780

thousand.

During the period under review, the Company made capital contributions to the subsidiary in the total amount of

PLN 11,699 thousand, of which the value of the contributions made in cash amounted to PLN 4,180 thousand,

while the contributions in the amount of PLN 7,519 thousand were settled as a set-off of mutual receivables and

liabilities.

Taking into account the result of the asset impairment test carried out as of December 31, 2024, the total value of

impairment losses recognized until September 30, 2025 corresponds to the amount of contributed surcharges.

Due to the fact that the growth rate of revenues and costs achieved in the three quarters of 2025 did not differ

materially from the assumptions used in the 2024 impairment test, the Management Board concluded that there

were no reasons to repeat the test as of the balance sheet date of September 30, 2025.

Condensed interim financial statements of DataWalk S.A.

For the nine-month period ended September 30, 2025.

(All amounts are in PLN thousands unless otherwise stated)

Page | 107

Note Cost by nature

Costs by nature

01.01.2025 - 30.09.2025

01.01.2024 - 30.09.2024

Depreciation

3 026

2 772

Consumption of materials and energy

100

96

External services

23 545

18 535

Taxes and fees

60

52

Salaries, including:

13 476

6 298

- salaries

4 077

2 269

- incentive program costs (settled in cash)

3 967

1 644

- incentive program costs (settled in equity instruments)

5 431

2 385

Social security and other benefits

666

562

Other costs by nature

778

504

Total costs by nature

41 651

28 818

Cost of sales

8 651

8 156

Sales and marketing

6 519

6 382

Research and development

11 878

7 583

Administration and overhead

5 204

2 667

Incentive program

9 399

4 029

Total expenses by function

41 651

28 818

Approval for publication by the

Management Board

DataWalk Joint Stock

Company

32-33 Rzeźnicza St.

50-130 Wrocław

KRS: 0000405409, NIP: 894 303 43 18, REG: 021737247

Registry Court: District Court for Wrocław-Fabryczna in Wrocław

VI Economic Department of the National Court Register Share capital: PLN

638,298.80 fully paid up

Page | 109

Approval for publication by the Management Board

This report for the period from January 1 to September 30, 2025 was approved for publication by the Management

Board of DataWalk S.A. on November 12, 2025.

Management Board:

.............................................

.............................................

.............................................

Paweł Wieczyński

Krystian Piećko

Łukasz Socha

President of the Management

Board

Member of the Management

Board

Member of the Management

Board

Person responsible for preparing the interim condensed consolidated financial statements:

.............................................

Milena Rejer

Person responsible for preparing the interim condensed standalone financial statements:

.............................................

Maja Gołaszewska

Condensed interim financial statements of DataWalk

For the three-month period ended March 31, 2021

(all amounts are in PLN thousands unless otherwise stated)

Page | 110

DataWalk S.A.

32-33 Rzeźnicza St.

50-130 Wrocław

phone: +48 71 707 21 74

fax: +48 71 707 22 73

e-mail: biuro@datawalk.com

Contact for investors:

inwestorzy@datawalk.com