4.12 TAXES Tax expense (in thousands of euros) 31/12/2025 31/12/2024 Current tax expense (1) -12,062 -15,187 Deferred tax expense 559 425 Total Tax expense -11,503 -14,762 Reconciliation of theoretical tax rate and effective tax rate (in thousands of euros) AS AT 31 DECEMBER 2025 Basis Tax rate Tax Profit before tax, impairment of goodwill, discontinued operations and share of profit of companies accounted for by the equity method 60,099 25.83% 15,524 Effect of permanent differences 1.10% 658 Effect of differences in tax rates for foreign entities -0.63% -378 Effect of losses for the year, utilisation of losses carried forward and temporary differences Effect of reduced rate of taxation Change of rate Effect of other elements Effective tax rates and tax burden 19.60% 11,503 The notional tax rate is the standard tax rate applicable to taxable profits in Monaco as at 31 December 2025 (including the social contribution on profits). The extraordinary contribution (together with the effects of the associated tax group agreement) is shown in full under the heading “Effect of other items”. (in thousands of euros) AS AT 31 DECEMBER 2024 Basis Tax rate Tax Profit before tax, impairment of goodwill, discontinued operations and share of profit of companies accounted for by the equity method 74,113 25.83% 19,143 Effect of permanent differences -5.08% -3,766 Effect of differences in tax rates for foreign entities -0.83% -615 Effect of losses for the year, utilisation of losses carried forward and temporary differences Effect of reduced rate of taxation Change of rate Effect of other elements Effective tax rates and tax burden 19.92% 14,762 The notional tax rate is the standard tax rate (including the additional social contribution) on taxable profits in Monaco as at 31 December 2024. Annual Report 2025 129
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