FINANCIAL RESULTS OF CAIRO MEZZ PLC FOR 2025
April 30, 2026
Announcement
FINANCIAL RESULTS OF CAIRO MEZZ PLC FOR 2025
The Board of Directors of Cairo Mezz Plc (“Company”), on its meeting of 30 April 2026, approved the financial statements of the Company for the financial year ended on 31.12.2025.
The Company holds mezzanine and junior notes issued by the special purpose companies that own the Cairo Portfolio[1] (“Notes”). Holding and managing the Notes is the Company’s primary business activity and it does not intend to develop any other activity.
The key financial information for the financial year ended 31.12.2025 is presented below:
| (amounts in euro) | 01.01.25-31.12.25 | 01.01.24-31.12.24 |
| Interest income | 0 | 0 |
| Gain/(loss) from financial assets in FV through P&L | (93,952,000) | 61,312,000 |
| EBITDA | (94,300,584) | 60,923,274 |
| Net profit / (loss) for the period | (94,325,603) | 60,923,274 |
31.12.25 | 31.12.24 | |
| Financial assets at FV through P&L | 146,337,000 | 240,289,000 |
| Shareholders’ Equity | 145,872,885 | 240,198,488 |
The fair value of the Notes as of 31 December 2025 was estimated by an independent valuer, in accordance with generally accepted principles and appropriate methods followed internationally.
The main assets (close to 100% of the total assets) of the Company are the Notes; hence, the Company’s sole source of revenues are receivables from the Notes, which are linked to receivables from the non-performing loans included in the Cairo Portfolio (“Loans”). The receivables from the Notes are allocated in accordance with the prioritization schedule underpinning the issuance of the Notes (“Repayment Schedule”), under which payments on the mezzanine and junior notes are the last in the order of priority[2]. Given that the payment of the receivables from the Notes follows the full repayment of the receivables from the senior notes, the Company did not have revenues in 2024.
The Company's operating expenses during the same financial period relate to operating and administrative expenses, such as auditors’ fees, third party fees for the provision of legal, administrative and investor relations services as well as ATHEX expenses.
It should be noted that, the Company, as a noteholder, does not have any right on the formulation or implementation of the Cairo Portfolio business plan, which was prepared and is being executed by the servicer of the Cairo portfolio. Consequently, the Company cannot affect its revenues in any manner or draw up its own business plan.
Cairo Mezz Plc
[1] Cairo Portfolio means the mixed portfolio of non-performing loans, which was transferred in June 2019 by Eurobank Ergasias S.A. to the Irish special purpose companies Cairo No. 1 Finance DAC, Cairo No. 2 Finance DAC, and Cairo No. 3 Finance DAC.
[2] The payments under the senior notes precede the payments under the mezzanine notes and the latter precede the payments under the junior notes. In addition, the payments to noteholders is preceded by other obligatory payments, such as payments for taxes, fees and expenses, etc.