Xtrackers Digital Markets ETC AG
Interim directors' report and unaudited condensed
interim financial statements
For the financial period ended 31 March 2026
Registered number: CHE-224-432-590
Xtrackers Digital Markets ETC AG
Contents
Page
Directors and other information 1
Interim directors' report 2
Statement of directors' responsibilities 6
Condensed statement of comprehensive income 7
Condensed statement of financial position 8
Condensed statement of changes in equity 9
Condensed statement of cash flows 10
Notes to the unaudited condensed interim financial statements 1
1
Xtrackers Digital Markets ETC AG
Directors and other information
1
Directors
Kurt Gamper (resigned on 1 April 2026)
Marc Girardin (resigned on 1 April 2026)
Dylan McGrath (appointed on 1 April 2026)
Nikoletta Dancs (appointed on 1 April 2026)
Registered Office, Company Secretary, Corporate Services
Administrator
1
Vistra Zürich AG
Talstrasse 83
8001 Zürich
Switzerland
Arranger
DWS Investments UK Limited
21 Moorfields
EC2Y 9DB London
United Kingdom
Administration Agent
State Street Fund Services (Ireland) Limited
78 Sir John Rogerson's Quay
Dublin 2 D02 RK57
Ireland
Swiss Paying Agent, Issuing Agent, Principal Paying Agent
State Street Bank International GmbH Munich, Zurich Branch
Kalanderplatz 5
Postfach 8045 Zurich
Switzerland
Custodians
(until 10 December 2025)
Coinbase Custody International Limited
70 Sir John Rogerson's Quay
Dublin 2 D02 R296
Ireland
(from 11 December 2025)
Coinbase Luxembourg S.A.
5 Place de la Gare
L-1616 Luxembourg
(until 29 December 2025)
Zodia Custody (Ireland) Limited
27 Fitzwilliam Street
Dublin 2 D02 TP23
Ireland
(from 30 December 2025)
Zodia Custody (Europe) S.A.
2 Place de Paris
L‑2314Luxembourg
Crypto Execution Agent and Crypto Development Advisor
Galaxy Digital Funds LLC
300 Vessey Street
13th Floor
NY 10282 New York
USA
Independent Auditor
KPMG AG
Chartered Accountants and Recognised Auditor
Badenerstrasse 172
PO Box CH-8036 Zurich
Switzerland
Trustee
Vistra Capital Markets Trustees Limited
7th Floor
50 Broadway London
SW1H0DB
United Kingdom
Authorised Participants
Jane Street Financial Limited
30th Floor
20 Fenchurch Street London EC3M 3BY
United Kingdom
Flow Traders B.V.
Jacob Bontiusplaats 9
1018 LL Amsterdam
Netherlands
DRW EUROPE B.V.
Locatellikade 1, Floor 7,
1076 AZ Amsterdam,
Netherlands
Goldenberg Hehmeyer LLP,
6th Floor,
77 Cornhill,
EC3V 3QQ London,
United Kingdom
1
The Registered Office, Company Secretary and Corporate Services Administrator of the Company changed after the end of the financial period
ended 31 March 2026. For further details please refer to Note 22 to the financial statements.
Xtrackers Digital Markets ETC AG
2
Interim directors' report
The directors present the interim directors' report and unaudited condensed financial statements of Xtrackers Digital Markets ETC AG (the
“Company”) for the financial period ended 31 March 2026.
Principal activities and business review
The Company was incorporated as a stock corporation (Aktiengesellschaft) under the Laws of Switzerland for an unlimited duration and was
first registered on 13 November 2023 with the Commercial Register of the Canton of Zurich under the Company registration number CHE-
224.432.590. The Company's registered office is located at Vistra Zürich AG, Talstrasse 83, 8001 Zurich, Switzerland.
The Company has been established as a special purpose vehicle for the purpose of issuing debt securities (the "ETC Securities"), purchasing
eligible Crypto Assets ("Digital Assets") and/or entering into related transactions as described in the Company's Base Prospectus. The only
assets available to the Company for making payments and fulfilling delivery obligations under the ETC Securities, as well as the Company's
contractual rights under the relevant programme level and series level documents associated with these ETC securities, will be the Crypto
Asset Collateral, which is segregated for these securities. The Company is entirely reliant on the Crypto Asset Collateral to meet its obligations
under the ETC Securities and possesses no other assets.
The ETC Securities will be issued in Series, with the ETC Securities of each Series being intended to be interchangeable with all other ETC
Securities of that Series. The Company may issue further Tranches of a Series of ETC Securities from time to time.
ETC Securities issued under the Programme are non-interest bearing, undated, secured, debt obligations of the Company. The ETC Securities
do not pay dividends or interest. ETC Securities are limited recourse obligations of the Company, ranking pari passu without any preference
among themselves.
The ETC Securities are publicly offered to professional and retail investors in Sweden, Luxembourg, France, Germany, Portugal,
Finland, The Netherlands, Switzerland and Spain. The Base Prospectus has been approved by the Swedish FSA, as competent authority
under Regulation (EU) 2017/1129 (the “EU Prospectus Regulation”). The Base Prospectus comprises a prospectus for the purposes of
the EU Prospectus Regulation.
As at 31 March 2026, the ETC Securities issued were listed on Deutsche Börse Xetra ("Xetra"), BX Swiss and SIX Swiss Exchange.
Key performance indicators
The directors confirm that the key performance indicators as disclosed below are those that are used to assess the performance of the Company.
During the financial period ended 31 March 2026, the Company made a gain of USD 16,401,286 (31 March 2025: USD (2,126,352)). The
net fair value loss on Digital Assets amounted to USD (26,295,385) (31 March 2025: USD (4,878,651)). The net fair value gain on financial
liabilities designated at fair value through profit or loss amounted to USD 47,962,448 (31 March 2025: USD 2,051,639).
The price movement of Bitcoin and Ethereum movement are as follows:
Series Digital Assets CCY
Price
31-Mar-26
Price
30-Sep-25
Price Movements
Series 1 Xtrackers Galaxy Physical Bitcoin ETC USD 67,209.18 113,271.90 (41)%
Series 2 Xtrackers Galaxy Physical Ethereum ETC USD 2,069.76 4,138.76 (50)%
The table below highlights the foreign exchange as at 31 March 2026 and 30 September 2025.
31-Mar-26 30-Sep-25
CHF - USD 1.24448 1.25683
As at 31 March 2026, the Company’s total Securities issued had a fair value of USD 75,716,645 (30 September 2025: USD 85,361,638), the
Company has invested in Digital Assets with a fair value of USD 75,781,080 (30 September 2025: USD 85,606,234), the Product Fees payable
were USD 293,321 (30 September 2025: USD 244,596), the net assets were USD 130,030 (30 September 2025: USD 129,280).
Xtrackers Digital Markets ETC AG
3
Interim directors' report (continued)
Key performance indicators (continued)
The Company had the following ETC Securities in issue:
Series Description Tranche USD
Series 1 Xtrackers Galaxy Physical Bitcoin ETC Securities
4,377,300
51,130,370
Series 2 Xtrackers Galaxy Physical Ethereum ETC Securities
3,987,000
24,586,275
Future developments
The directors expect that the present level of activity will be sustained for the foreseeable future. The directors of the Company will continue to
seek new opportunities for the Company and will continue to ensure proper management of the current portfolio of Series of the Company.
Going concern
The Company’s unaudited condensed interim financial statements for the financial period ended 31 March 2026 have been prepared on a going
concern basis. Each Series of ETC Securities is referenced to a specific asset and any loss derived from the asset will be ultimately borne by the
relevant ETC Securityholders. The directors anticipate that assets are readily realisable under the terms of the Base Prospectus and hence, the
Company will always have sufficient assets to meet the obligation of the ETC Securities as they fall due. The directors do not foresee any material
net redemptions in the next 12 months that would trigger going concern issues. A high-level analysis was also made on the liquidity and
performance of the Company following the financial period ended 31 March 2026. The directors note that, despite the decline in Digital Asset
prices during the reporting period, market activity and liquidity in the relevant ETC Securities have remained stable. Additionally, as part of an
Arrangement Agreement, the Arranger agreed to cover all operating expenses of the Company in exchange for the Product Fees. This arrangement
ensures that the Company can continue to operate without financial distress. This support is expected to continue for the foreseeable future, thereby
reinforcing the going concern assumption.
Russia-Ukraine conflicts
The Russia-Ukraine conflict, which began on 24 February 2022, has continued to influence the cryptocurrency market, particularly Bitcoin and
Ethereum. The prolonged hostilities and associated sanctions have contributed to periods of increased price volatility and wider bid/offer spreads,
reflecting heightened uncertainty in global markets. Sanctions on Russian entities have also intensified regulatory oversight, potentially affecting
liquidity and market access for digital assets. These geopolitical tensions have prompted discussions around stricter regulations to prevent the use
of cryptocurrencies for sanctions evasion. As a result, Bitcoin and Ethereum have experienced notable price fluctuations, adding complexity to the
market environment.
Neither of the Authorised Participants is domiciled in Russia, and no counterparty operations are based in Ukraine. The directors will continue to
monitor the situation and, based on current information, consider that these matters do not give rise to any material uncertainty that may cast
significant doubt on the Company’s ability to continue as a going concern.
Middle East Tensions
Ongoing tensions in the Middle East have contributed to periods of increased volatility in the cryptocurrency market. Bitcoin, in particular,
has experienced price movements as market participants assessed potential implications for global energy costs, geopolitical risk, and mining
operations. While some market participants anticipated upward price pressure during periods of heightened tension, ongoing uncertainty has
also resulted in short term price declines. Broader economic effects, including reduced foreign investment and regional business disruption,
have indirectly affected market sentiment, leading to increased price variability across digital assets. The Company has not experienced any
direct operational impact arising from these developments. The directors continue to monitor the situation and, based on current information,
consider that these matters do not give rise to any material uncertainty that may cast significant doubt on the Company’s ability to continue
as a going concern.
Regulatory Developments in the U.S.
During 2025, the United States introduced increased regulatory clarity for digital assets, which supported market sentiment towards Bitcoin and
Ethereum. Legislative developments, including the GENIUS Act, established a federal framework for stablecoins, contributing to enhanced
confidence and improved integration with traditional payment systems. A broadly pro innovation policy stance, together with reduced enforcement
activity by the SEC and CFTC, contributed to a more predictable regulatory environment for market participants.
Looking ahead, the directors note that these regulatory developments continued into early 2026, with further initiatives aimed at modernising
banking rules for digital assets. While the pace and scope of future regulatory change remain subject to uncertainty, the overall direction of travel
is expected to remain supportive of institutional participation and broader adoption. Ethereum has continued to benefit from increased clarity
around decentralised finance and tokenisation, while Bitcoin has remained sensitive to expectations regarding the regulatory landscape.
Notwithstanding these developments, digital assets such as Bitcoin and Ethereum remain subject to significant price volatility and inherent risks.
Based on current information, the directors consider that these matters do not give rise to any material uncertainty that may cast significant doubt
on the Company’s ability to continue as a going concern.
Xtrackers Digital Markets ETC AG
4
Interim directors' report (continued)
Going concern (continued)
Crypto Markets
During 2025, Bitcoin and Ethereum experienced strong inflows into exchange traded products globally, reflecting increased institutional
participation in digital asset markets. In the first quarter of 2026, market conditions remained sensitive to macroeconomic and geopolitical
developments, with periods of both inflows and outflows observed across digital asset investment products. Regulatory developments in the United
States continued during the period, including further steps to implement a federal framework for digital assets and stablecoins. Notwithstanding
these developments, Bitcoin and Ethereum remain subject to significant price volatility and inherent risks. The directors continue to monitor market
and regulatory developments closely and, based on current information, consider that these factors do not give rise to any material uncertainty that
may cast significant doubt on the Company’s ability to continue as a going concern.
Business risks and principal uncertainties
The Company is subject to various risks. The key risks facing the Company relate to their use of financial instruments and other risks (i.e.
market risk, credit risk, liquidity risk and operational risk) arising from the Digital Assets which are set out in note 16 to the unaudited condensed
interim financial statements.
As a special purpose vehicle, the Company's corporate purpose and business focus are exclusively the issuance of Exchange Traded Products
("ETP") referencing Digital Assets. The primary risks for the Company relate to its ability to operate that business and the risks associated
with Digital Assets.
If Digital Assets become less in demand in the future and the Company is unable to adapt to such changed circumstances, the Company may
not be able to successfully continue its business, potentially resulting in a decline in the value of the ETP.
Results and dividends for the financial period
The results for the financial period are set out in the Condensed Statement of Comprehensive Income. Please see note 20 for details of the dividends
paid during the financial period ended 31 March 2026.
Changes in directors, Company Secretary and Registered Office
The directors, Company Secretary and Registered Office of the Company during the financial period and, unless otherwise indicated, up to the
date on which the financial statements were approved, are disclosed in the Directors and other information section.
Directors, Company Secretary and their interests
None of the directors or the Company Secretary who held office on 31 March 2026 held any shares or ETC Securities in the Company at that date,
or during the financial period. There were no contracts of any significance in relation to the business of the Company in which the directors had
any interest. Refer to Note 20 for full details of the relationships entered into between the Company and its related parties.
Shares and shareholders
The authorised share capital of the Company is CHF 100,000 divided into 100 registered shares of CHF 1,000 each (the "Shares") of which
100 are issued and fully paid. The Share Capital is held in its entirety by Vistra Fund Services Limited in its capacity as trustee for the
Xtrackers Digital Markets (Jersey) Trust.
Significant events
On 11 December 2025, Coinbase Custody International Limited ("Coinbase Ireland") transferred and assigned all of its rights and
obligations under the custody agreement between the Company and Coinbase Ireland to Coinbase Luxembourg S.A..
On 30 December 2025, Zodia Custody (Ireland) Limited ("Zodia Ireland") novated all of its rights and obligations under the custody
agreement between the Company and Zodia Ireland to Zodia Custody (Europe) S.A.
During the financial period, a reduction of the product fee was implemented for the Xtrackers Galaxy Physical Bitcoin ETC and the
Xtrackers Galaxy Physical Ethereum ETC. With effect from 1 February 2026, the fee for each series was reduced from 0.35% p.a. to
0.25% p.a.
There were no other significant events affecting the Company that require disclosure during the financial period.
Subsequent events
Subsequent events have been disclosed in Note 22 to the unaudited condensed interim financial statements.
Xtrackers Digital Markets ETC AG
5
Interim directors' report (continued)
On behalf of the Board
Director Director
Date: 22 May 2026
Xtrackers Digital Markets ETC AG
6
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and unaudited condensed interim financial statements in accordance with
applicable law and regulations.
The directors are required to prepare unaudited condensed interim financial statements for each interim financial period in accordance with the
International Financial Reporting Standards as adopted by the EU and/or applicable law.
The directors are also required by the Transparency Directive 2004/109/EC, as amended to include an interim directors’ report containing a
fair review of the business and a description of the principal risks and uncertainties facing the Company.
Responsibility statement of the directors in respect of the interim directors’ report
We confirm that to the best of our knowledge:
the unaudited condensed interim financial statements, prepared in accordance with the applicable set of accounting standards, give a true
and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the interim directors’ report includes a fair review of the development and performance of the business and the position of the Company,
together with a description of the principal risks and uncertainties that they face. The principal risks facing the Company are outlined in
Note 16 of the unaudited condensed interim financial statements.
The directors further indicate that the unaudited condensed interim financial statements for the six-month period ended 31 March 2026 have
not been audited.
On behalf of the Board
Director Director
Date: 22 May 2026
Xtrackers Digital Markets ETC AG
7
Condensed Statement of Comprehensive Income
For the financial period ended 31 March 2026
Financial period ended
31-Mar-26
Financial period ended
31-Mar-25
Notes
USD USD
Revenue
4
98,579
73,067
Net fair value
loss on Digital Assets
5
(26,295,385)
(4,878,651)
Net fair value
gain on financial liabilities
6
47,962,448
2,051,639
Other income
28,703
20,555
Net change in foreign currency exchange transactions
(1,143)
(5,172)
Product fees
7
(98,579)
(73,067)
Operating expenses
8
(2,670)
(660)
(73,689)
(58,344)
Operating gain/(loss) before income tax expense
21,691,953
(2,812,289)
Income tax (loss)/gain
12
(5,290,667)
685,937
Gain/(loss) for the financial period
16,401,286
(2,126,352)
Other comprehensive income for the financial period, net of income
tax expense
Revaluation of Digital Assets
(21,667,064)
2,827,013
Income tax expense
5,284,597
(689,528)
Other comprehensive income that will not be reclassified to profit
or loss, net of income tax expense
(16,382,467)
2,137,485
Total comprehensive income for the financial period
18,
819 11,133
In arriving at the results for the financial period all amounts above relate to continuing operations. The accompanying notes are an integral part of
these unaudited condensed interim financial statements.
Xtrackers Digital Markets ETC AG
8
Condensed Statement of Financial Position
As at 31 March 2026
31-Mar-26 30-Sep-25
Notes
USD USD
Assets
Current assets
Digital Assets at fair value
11
75,781,080 85,606,234
Cash and cash equivalents
9
349,479
124
,
40
7
Other receivables
10
64,578 35,875
Total current assets
76,195,137 85,766,516
Total assets
76,195,137 85,766,516
Equity
Share capital
14
109,608
109
,
608
Revaluation surplus
5,284,597 21,667,064
Retained loss
(5,264,175)
(21,647,392)
Total equity
130,030 129,280
Current liabilities
Other payables
12
55,141 31,002
Product fees payable
293,321 244,596
Financial liabilities designated at fair value through profit or loss
13
75,716,645 85,361,638
Total current liabilities
76,065,107 85,637,236
Total liabilities and equity
76,195,137 85,766,516
The accompanying notes are an integral part of these unaudited condensed interim financial statements.
The unaudited condensed interim financial statements on pages 7 to 21 were approved by the Board and authorised for issue on 22
May
2026.
On behalf of the Board
Director Director
Date: 22 May 2026 Date: 22 May 2026
Xtrackers Digital Markets ETC AG
9
Condensed Statement of Changes in Equity
For the financial period ended 31 March 2026
Share
capital
USD
Retained
loss
USD
Revaluation
surplus
USD
Total
equity
USD
Balance as at 1 October 2025 109,608 (21,647,392) 21,667,064 129,280
Transactions with owners, recognised directly in equity
Distribution
-
(18,069
)
-
(18
,
069
)
Total transactions with owners, recognised directly in equity - (18,069) - (18,069)
Total comprehensive income for the financial period
Gain for the financial period - 16,401,286 - 16,401,286
Other comprehensive income for the financial period
Other comprehensive income that will not be reclassified to profit or loss,
net of income tax expense
- - (16,382,467) (16,382,467)
Total comprehensive income for the financial period
16,401,286 (16,382,467) 18,819
Balance as at 31 March 2026
109,608
(
5
,
264
,
175
)
5,284,597
1
30,030
For the financial period ended 31 March 2025
Share
capital
USD
Retaine
d
loss
USD
Revaluation
surplus
USD
Total
equity
USD
Balance as at 1 October 2024 109,608 (323,564) 342,872 128,916
Transactions with owners, recognised directly in equity
Distribution - - - -
Total transactions with owners, recognised directly in equity - - - -
Total comprehensive income for the financial period
Loss for the financial period - (2,126,352) - (2,126,352)
Other comprehensive income for the financial period
Other comprehensive income that will not be reclassified to profit or loss,
net of income tax expense
- - 2,137,485 2,137,485
Total comprehensive income for the financial period
- (2,126,352) 2,137,485 11,133
Balance as at 3
1
March
202
5
109,608
(2,449,916)
2,480,357
140,049
Distribution per share
31 March 2026 31 March 2025
Distribution per share (USD) - -
The accompanying notes are an integral part of these unaudited condensed interim financial statements.
Xtrackers Digital Markets ETC AG
10
Condensed Statement of Cash Flows
For the financial period ended 31 March 2026
Notes
Financial period ended
31-Mar-26
USD
Financial period ended
31-Mar-25
USD
Cash flows from/(used in) operating activities
Operating gain/(loss) before income tax expense
21,691,953
(2,812,289)
Adjustments for:
Increase in other receivables
(28,703)
(20,556)
Decrease in Financial liabilities designated at fair value through profit or loss
(98,579)
(73,067)
Increase in Product Fees payable
98,579
73,067
Sell of Digital Assets to cover Product Fee
228,885
-
Net change in foreign currency exchange transactions
1,143
5,172
Net fair value gain on financial liabilities
6
(47,962,448)
(2,051,639)
Net fair value loss on Digital Assets
5
26,295,385
4,878,651
Net cash from/(used in) operating activities
226,215
(661)
Cash flows generated from financing activities
Proceeds from issuance of share capital
14
-
-
Net cash generated from financing activities
-
-
Movement in cash and cash equivalents
226,215
(661)
Foreign exchange loss on cash and cash equivalents
(1,143)
(5,172)
Cash and cash equivalents at start of the financial period
124,407
117,886
Cash and cash equivalents at end of the financial period
9
349,479
112,053
Non-cash Transactions during the financial period include:
Purchase of Digital Assets
11
(52,138,497) (28,630,886)
Proceeds from disposal of Digital Assets
11
13,772,273
2,731,728
Proceeds from issuance of financial liabilities designated at fair value
through profit or loss
13
52,138,497
28,630,886
Redemption of financial liabilities designated at fair value through profit or
loss
13
(13,772,273) (2,731,728)
- -
The accompanying notes are an integral part of these unaudited condensed interim financial statements.
Xtrackers Digital Markets ETC AG
11
Notes to the unaudited condensed interim financial statements
For the financial period ended 31 March 2026
1 General information
The Company was incorporated as a stock corporation (Aktiengesellschaft) under the Laws of Switzerland for an unlimited duration and was
first registered on 13 November 2023 with the Commercial Register of the Canton of Zurich under the Company registration number CHE-
224.432.590. The Company's registered office is located at Vistra Zürich AG, Talstrasse 83, 8001 Zurich, Switzerland.
The Company has been established as a special purpose vehicle for the purpose of issuing debt securities (the "ETC Securities"), purchasing
eligible Crypto Assets ("Digital Assets") and/or entering into related transactions as described in the Company's Base Prospectus. The only assets
available to the Company for making payments and fulfilling delivery obligations under the ETC Securities, as well as the Company's contractual
rights under the relevant programme level and series level documents associated with these ETC securities, will be the Crypto Asset Collateral,
which is segregated for these securities. The Company is entirely reliant on the Crypto Asset Collateral to meet its obligations under the ETC
Securities and possesses no other assets.
The ETC Securities will be issued in Series, with the ETC Securities of each Series being intended to be interchangeable with all other ETC
Securities of that Series. The Company may issue further Tranches of a Series of ETC Securities from time to time.
ETC Securities issued under the Programme are non-interest bearing, undated, secured, debt obligations of the Company. The ETC Securities
do not pay dividends or interest. ETC Securities are limited recourse obligations of the Company, ranking pari passu without any preference
among themselves.
As at 31 March 2026, the ETC Securities issued were listed on Deutsche Börse Xetra ("Xetra"), BX Swiss and SIX Swiss Exchange.
2 Basis of preparation
The unaudited condensed interim financial statements for the financial period ended 31 March 2026 have been prepared in accordance with
International Accounting Standard (IAS) 34 ‘Interim Financial Reporting’. The unaudited condensed interim financial statements should be read
in conjunction with the audited annual financial statements for the financial year ended 30 September 2025.
3 Material accounting policies
The same accounting policies, presentation and methods of computation are followed in these unaudited condensed interim financial statements
as were applied in the preparation of the Company’s audited financial statements for the financial year ended 30 September 2025.
4 Revenue
The Company's main revenue comes from Product Fees charged to Authorised Participants for access to specific Digital Assets via ETC
Securities.
The primary source of revenue for the Company is derived from Product Fees. These fees are charged to Authorised Participants for providing
them with exposure to specific Digital Assets through the issuance of ETC Securities. While the Product Fees are incurred as part of the fair
value measurement of the ETC Securities, they are ultimately payable to the Arranger. The Arranger, in exchange, as part of an Arrangement
Agreement, agreed to pay all the operating expenses of the Company.
The Product Fees are accounted for as a reduction in the Coin Entitlement when calculating the fair value of the ETC Securities. This results
in a corresponding decrease in the fair value of ETC Securities. The Product Fees are recorded separately in the Statement of comprehensive
income. While the Product Fees are incurred as part of the fair value measurement of the ETC Securities, they are ultimately payable to the
Arranger. The Arranger, in exchange, as part of an Arrangement Agreement, agreed to pay all the operating expenses of the Company.
Xtrackers Digital Markets ETC AG
12
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
4 Revenue (continued)
During the financial period, the Company recognised the following Product Fees in Condensed Statement of Comprehensive Income.
Financial period
ended
Financial period
ended
31-Mar-26 31-Mar-25
USD USD
Product fees
98,579
73,067
98,579
73,067
Series Description Financial period
ended
Financial period
ended
31-Mar-26 31-Mar-25
USD USD
Series 1
Xtrackers Galaxy Physical Bitcoin ETC
65,287
61,840
Series 2
Xtrackers Galaxy Physical Ethereum ETC
33,292
11,227
98,579
73,067
5 Net fair value loss on Digital Assets
Financial period
ended
Financial period
ended
31-Mar-26 31-Mar-25
USD USD
Realised
gain
on disposals of Digital Assets
-
975,479
Net fair value
loss
on Digital Assets
(26,295,385)
(5,854,130)
(26,295,385)
(4,878,651)
6 Net fair value gain on financial liabilities
Financial period
ended
Financial period
ended
31-Mar-26 31-Mar-25
USD USD
Net fair
value gain
on ETC Securities
47,962,448
2,051,639
47,962,448
2,051,639
7 Product fees
Financial period
ended
Financial period
ended
31-Mar-26 31-Mar-25
USD USD
*Product
f
ee
s
(98,579)
(73,067)
(98,579)
(73,067)
*As part of an Arrangement Agreement between the Company and the Arranger, the Company has agreed to remitt the Product fees, to the Arranger.
In return, the Arranger has agreed to pay all the operating expenses of the Company.
8 Operating expenses
Financial period
ended
Financial period
ended
31-Mar-26 31-Mar-25
USD USD
Bank charges
(2,670)
(660)
(2,670)
(660)
Xtrackers Digital Markets ETC AG
13
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
9 Cash and cash equivalents
31-Mar-26 30-Sep-25
USD USD
Cash at bank
349,479
124,407
349,479
124,407
10 Other receivables
31-Mar-26 30-Sep-25
USD USD
Other receivables
64,578
35,875
64,578
35,875
11 Digital Assets at fair value
Series name Product Unit holdings CCY
Price USD
31-Mar-26
Fair value
31-Mar-26
USD
Series 1 Bitcoin 760.76
USD
67,209.18 51,130,370
Series 2 Ethereum
11,878.80
USD
2,069.76 24,586,275
Digital Assets at fair value due to the
USD
64,43
5
Company
75,781,080
Series name Product Unit holdings CCY
Price USD
30-Sep-25
Fair value
30-Sep-25
USD
Series 1 Bitcoin 438.38
USD
113,271.90
49,655,680
Series 2 Ethereum 8,627.21
USD
4,138.76
35,705,958
Digital Assets at fair value due to the
USD
244,596
Company
85,606,234
Movement in Digital Assets at fair value
31-Mar-26
30-Sep-25
USD
USD
At beginning of the financial period/year
85,606,234 16,764,209
Additions during the financial period/year
52,138,497
49,597,406
Disposals during the financial period/year
(
14,001,202
)
(8,958,253)
Realised loss on disposals
(
6,138,255
)
-
Net changes in fair value during the financial period/year
(
41,824,194)
28,202,872
At end of the financial period/year
75,781,080
85
,
606
,
234
Xtrackers Digital Markets ETC AG
14
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
12 Other payables
31-Mar-26 30-Sep-25
USD USD
Amounts falling due within one year
Tax payable
37,072
12,346
Distribution payable
18,069
18,656
55,141
31,002
13 Financial liabilities designated at fair value through profit or loss
31-Mar-26
Tranche
issued
Fair value
USD
ETC Securities issued
8,364,300
75,716,645
30-Sep-25
Tranche
issued
Fair value
USD
ETC Securities issued
5
,
409
,
300
85
,
361
,
638
Movement in ETC Securities issued
31-Mar-26 30-Sep-25
USD USD
At beginning of the
financial
period
/year
85,361,638
16,744,522
Issue of ETC Securities issued during the
financial
period
/year
52,188,307
49
,
582
,
773
Redemption of ETC Securities during the
financial
period
/year
(13,772,273)
(
8
,
958
,
253
)
Coin entitlement of ETC Securities
(98,579)
(
210
,
255
)
Net changes in fair value during the
financial
period
/year
(47,962,448)
28
,
202
,
851
At end of the
financial
period
/year
75,716,645
85
,
361
,
638
The ETC Securities issued are listed on Deutsche Borse Xetra ("Xetra"), BX Swiss and SIX Swiss Exchange. Refer to note 16 for a
description of the key risks regarding the issue of these instruments. The Company’s obligations under the financial liabilities issued are
secured by the Digital Assets as per note 11. The investors’ recourse per Series is limited to the assets of that particular Series. The Series
have an option for early redemption.
The financial liabilities in issue at 31 March 2026 are as follows:
Series Description
CCY Product fees
Tranche
outstanding
Fair value
USD
31-Mar-26 31-Mar-26
Series 1 Xtrackers Galaxy Physical
Bitcoin ETC Securities
USD 0.25% 4,377,300 51,130,370
Series 2 Xtrackers Galaxy Physical
Ethereum ETC Securities
USD 0.25% 3,987,000 24,586,275
Xtrackers Digital Markets ETC AG
15
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
13 Financial liabilities designated at fair value through profit or loss (continued)
Movement in fair values by Series for the financial period ended 31 March 2026
Series Description Opening balance
Issuances
Redemptions Net changes in
Coin entitlement of
ntitlement of
Closing
fair values ETC Securities balance
01-Oct-25 31-Mar-26
USD
USD
USD USD USD USD
Series 1
-
Xtrackers
49,655,680 34,867,250
(6,022,064)
(27,305,209)
(65,287)
51,130,370
Galaxy Physical Bitcoin
ETC
Series 2 - Xtrackers 35,705,958
17,321,057
(7,750,209)
(20,657,239)
(33,292)
24,586,275
Galaxy Physical Ethereum
ETC
85,361,638
52,188,307
(13,772,273)
(47,962,448)
(98,579)
75,716,645
The financial liabilities in issue at 30 September 2025 are as follows:
Movement in fair values by Series for the financial year ended 30 September 2025
The ETC Securities issued by the Company are perpetual instruments with no fixed maturity date and redemption of these ETC Securities
will be governed exclusively by the provisions outlined in Condition 9 (Redemption of ETC Securities) of the Base Prospectus. The ETC
Securities do not bear interest.
Series Description
CCY Product Fees
Tranche
Outstanding
Fair value
USD
30-Sep-25 30-Sep-25
Series 1 Xtrackers Galaxy Physical
Bitcoin ETC Securities
USD 0.35% 2,518,300 49,655,680
Series 2 Xtrackers Galaxy Physical
Ethereum ETC Securities
USD 0.35% 2,891,000 35,705,958
Series Description Opening balance
Issuances
Redemptions Net changes in
Coin entitlement of
ntitlement of
Closing
fair values ETC Securities balance
01-Oct-24 30-Sep-25
USD USD
USD USD USD USD
Series 1
-
Xtrackers
13,890,586
23,879,126 (2,731,728) 14,751,006 (133,310) 49,655,680
Galaxy Physical Bitcoin
ETC
Series 2 - Xtrackers
2,853,936
25,703,647 (6,226,525) 13,451,845 (76,945) 35,705,958
Galaxy Physical Ethereum
ETC
16,744,522 49,582,773 (8,958,253) 28,202,851 (210,255) 85,361,638
Xtrackers Digital Markets ETC AG
16
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
14 Share capital
The authorised share capital of the Company is CHF 100,000 divided into 100 ordinary shares of par value CHF 1,000 each. At 31 March
2026 and 30 September 2025, there were 100 ordinary shares issued and fully paid.
As at 31 March 2026 and 30 September 2025, the ordinary share capital was held in its entirety by Vistra Fund Services Limited in its
capacity as trustee ("Trustee") for the Xtrackers Digital Markets (Jersey) Trust.
The Trustee have no beneficial interest in and derives no benefit from its holding of the shares. There are no other rights that pertain to the
shares and the shareholders.
15 Capital risk management
The Company is a special purpose vehicle set up to issue ETC Securities for the purpose of making investments as defined under the Base
Prospectus and Final Terms of the Company. Share capital of CHF 100,000 was issued in line with applicable Swiss Company Law and is
not used for financing the investment activities of the Company. The Company is not subject to any other externally imposed capital
requirements.
16 Financial risk management
Risk management framework
The Company, and ultimately the holders of the ETC Securities, have exposure to the following risks from its use of financial instruments: market
risk, credit risk, liquidity risk and operational risk.
This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes
for measuring and managing these risks. Given the nature of the Company's activities, risk management disclosures for Digital Assets at fair
value have been included alongside the Company's financial instruments.
(a) Market risk
Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. The ETC Securityholders are exposed to the
market risk of the financial instruments.
(i) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of financials instruments will fluctuate as a result of a change in interest
rates. The ETC Securities and the Digital Assets do not bear interest. As such, the Company and ETC Securityholders have very limited
exposure to interest rate risk.
(ii) Currency risk
Currency risk is the risk which arises where the assets and liabilities of the Company are denominated in currencies other than its functional
currency. As at 31 March 2026 and 30 September 2025, the Company is exposed to assets and liabilities denominated in Swiss francs (CHF).
The exchange rates applied at 31 March 2026 and 30 September 2025 were as follows:
31-Mar-26 30-Sep-25
CHF-USD 1.24448 1.25683
The average exchange rates applied during the financial periods were as follows:
31-Mar-26 31-Mar-25
CHF-USD 1.26613 1.12547
The impact of changes in foreign exchange rates on the Digital Assets at fair value is offset by the impact of foreign exchange rate changes
on the financial liabilities. Therefore any change in the exchange rates would have no net effect on the equity or the total comprehensive
income of the Company.
Xtrackers Digital Markets ETC AG
17
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
16 Financial risk management (continued)
(a) Market risk (continued)
(iii) Price risk
Price risk is the risk that changes in market prices of Digital Assets will affect the Company’s income, expense, Digital Assets and ETC
Securities held at fair value through profit or loss. The Company’s liabilities are exposed to the market prices of the Digital Assets. However,
the risk is mitigated by the Company holding quantities of Digital Assets equivalent to the weight of the coin entitlement for each Series of
ETC Securities issued.
Several factors may affect the price of Digital Assets, including, but not limited to: supply and demand, investors' expectations with respect
to the rate of inflation, interest rates, currency exchange rates or future regulatory measures (if any) that restrict the trading of Digital Assets
or the use of Digital Assets as a form of payment. There is no assurance that Digital Assets will maintain their long-term value in terms of
purchasing power in the future, or that acceptance of Digital Assets payments by mainstream retail merchants and commercial businesses
will grow.
50% is the sensitivity rate used internally by key management personnel and represents management's assessment of the reasonably possible
change in Digital Asset prices, resulting in an increase of USD 37,858,323 (30 September 2025: USD 42,680,819) in the financial liabilities
designated at fair value through profit or loss at financial period end.
Any increase in fair value is recognised as a revaluation surplus within other comprehensive income, increasing equity. Conversely, if the
fair value decreases, the decline is first offset against any existing revaluation surplus for the asset. If there is no surplus, or if the decrease
exceeds the surplus, the excess loss is recognised as an expense in the Statement of comprehensive income.
(b) Credit risk
Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations. The
Company’s principal financial assets are cash and cash equivalents, other receivables which represents the Company's maximum exposure
to credit risk.
At the reporting date the Company did not have any issued ETC Securities awaiting the transfer of Digital Assets and therefore no residual
credit risk exposure.
Other receivables
The other receivables mainly represents income receivable from the Arranger to meet its minimum profit requirement of CHF 20,000. As
such, the Company has not recognised an allowance for Expected Credit Loss (ECL) for the financial period under review.
(c) Custodian risk
The Company had established a custody relationship with Zodia Custody (Ireland) Limited (“Zodia Ireland”) and had appointed Zodia
Ireland as Custodian. On 30 December 2025, Zodia Ireland novated all of its rights and obligations under the custody agreement between
the Company and Zodia Ireland to Zodia Custody (Europe) S.A (“Zodia Europe”) (Zodia Ireland and Zodia Europe hereby referred to as
“Zodia”). In this arrangement, some of the Company’s Crypto Asset Collateral was held in Wallets operated by Zodia. Zodia has operated a
“cold” (i.e., offline) storage solution for the Crypto Asset Collateral. The main risk of such solutions has been the potential damage or loss
of the infrastructure on which such storage relies, which may render the Crypto Asset Collateral inaccessible until the Wallets can be
reconstituted using the encrypted master seed along with a new Hardware Security Module (“HSM”). The master seed allows for the
recreation of the master key, facilitating the reconstitution of the Wallet seeds and their respective private keys. The master seed is unique
and irreplaceable.
The Company had appointed Coinbase Custody International Limited (“Coinbase Ireland”) as its second Custodian. On 11 December 2025,
Coinbase Ireland transferred and assigned all of its rights and obligations under the custody agreement between the Company and Coinbase
Ireland to Coinbase Luxembourg S.A (“Coinbase Luxembourg”) (Coinbase Ireland and Coinbase Luxemburg hereby referred to as
“Coinbase”). In this arrangement, some of the Company’s Crypto Asset Collateral was held by Coinbase. Coinbase has operated a "vault"
(i.e. offline) storage environment for the Crypto Asset Collateral. The main risk of such solutions has been the potential risk of damage or
loss of the infrastructure on which such storage relies, which may result in the Crypto Asset Collateral being inaccessible until such time as
Wallets can be reconstituted using back-up key materials. Since Coinbase securely stores all the Crypto Asset Collateral private keys in an
offline storage, it is necessary to retrieve certain information from offline storage in order to facilitate a withdrawal in accordance with
Company's instructions, which may delay the initiation or crediting of such withdrawal.
Xtrackers Digital Markets ETC AG
18
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
16 Financial risk management (continued)
(c) Custodian risk (continued)
Public keys, or addresses derived from them, are generally publicly available. However, this does not grant any control over the crypto assets
associated with a given public address. In order to be able to dispose of the crypto asset balance associated with a public address, the private
key corresponding to the respective public key is essential, as private keys are used to sign outbound transactions and prove ownership.
As the power of control cannot be derived directly from the public addresses managed by Zodia and Coinbase, there is a risk that public
addresses may be allocated to the Company for which there is no power of control by Zodia and Coinbase. This introduces potential risks
related to the accessibility and management of Crypto Assets including the inability to transact or recover funds.
Ultimately, all credit and counterparty risks associated with Zodia and Coinbase are borne by the ETC Securityholders.
The Company’s ability to meet its obligations with respect to the ETC Securities is dependent upon the performance of the Custodian(s) of
their obligations under the relevant Custody Agreement. The directors have also considered the credit risk and counterparty risk with the
Custodian given the significance of the Digital Assets to the overall financial position of the Company. As at 31 March 2026, the Company
held Digital Assets at fair value of USD 75,781,080 (30 September 2025: USD 85,606,234).
Custodian risk is managed by the Company by subjecting the Custodians to a detailed due diligence review prior to their appointment, as well as
undertaking regular due diligence updates and undertaking ongoing monitoring of their service. Furthermore, the multi-custodian approach allows
the Company to hold Digital Assets across more than one custodian, therefore diversifying the custodian risk further. On this basis, the directors
are of the opinion that the counterparty risk is acceptable.
(d) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its obligations as they fall due. The Company limits its exposure to
liquidity risk given the Company’s ability to realise the Digital Assets in cash and the Digital Assets held by each series match the securities
issued and redemptions made. The ultimate amount repaid to the ETC Securityholders is limited in recourse to the proceeds from the Digital
Assets. All liquidity risk associated with the Digital Assets are ultimately borne by the ETC Securityholders.
(e) Operational risk
Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Company’s processes and
infrastructure, and from external factors other than credit, markets and liquidity issues such as those arising from legal and regulatory
requirements and generally accepted standards of corporate behaviour.
Operational risks arise from all of the Company’s operations. The Company was incorporated with the purpose of engaging in those activities
outlined in note 1.
All administration functions are undertaken by Vistra Zürich AG. DWS Investments UK Limited acts as the Company’s Arranger and Zodia
Custody (Ireland) Limited (up to 29 December 2025), Zodia Custody (Europe) S.A. (from 30 December 2025) and Coinbase Custody International
Limited (up to 10 December 2025), Coinbase Luxembourg S.A. (from 11 December 2025) are the Company's custodians. State Steet Fund Services
(Ireland) Limited acts as Administration Agent, Paying Agent, Issuing Agent and Principal Paying Agent. Galaxy Digital Funds LLC acts as the
Crypto Execution Agent and Crypto Development Advisor.
Xtrackers Digital Markets ETC AG
19
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
17 Fair values
The Company's assets and liabilities at fair value through profit or loss are carried at fair value in the Condensed Statement of Financial Position.
The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the
measurements.
Level 1: Quoted market price in an active market for an identical instrument.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The objective of valuation techniques is to arrive at a fair value determination that reflects the price of the financial instrument at the reporting
date that would have been determined by market participants acting at arm’s length.
Level 2 prices use widely recognised valuation models for determining the fair value of common and more simple financial instruments that
use only observable market data and require little management judgement and estimation. Availability of observable market prices and model
inputs reduces the need for management judgement and estimation and also reduces the uncertainty associated with determination of fair
values. Availability of observable market prices and inputs varies depending on the products and markets and is prone to changes based on
specific events and general conditions in the financial markets.
Transfers between levels are determined based on changes to the significant inputs used in their fair value measurement. The directors
evaluate whether significant inputs to the valuation models are observable at the financial year end in making a decision to change levelling
from one level to another.
The Company determines the effective date of transfer at the beginning of the financial period.
The Company does not have any assets or liabilities at level 3.
As at 31 March 2026, the carrying amounts of digital assets and financial instruments at fair value are as follows:
Level 1
USD
Level 2
USD
Level 3
USD
Total
USD
Digital Assets at fair value
75,781,080
- -
-
75,781,080
75,781,080
-
--
75,781,080
Level 1
USD
Level 2
USD
Level 3
USD
Total
USD
ETC securities at fair value
-
(75,716,645)
-
(75,716,645)
-
(75,716,645)
-
(75,716,645)
As at 30 September 2025, the carrying amounts of digital assets and financial instruments at fair value are as follows:
Level 1
USD
Level 2
USD
Level 3
USD
Total
USD
Digital Assets at fair value
85,606,234
- --
85,606,234
85,606,234 - -- 85,606,234
Level 1
USD
Level 2
USD
Level 3
USD
Total
USD
ETC securities at fair value
-
(85,361,638)
-
(85,361,638)
-
(85,361,638)
- (85,361,638)
Xtrackers Digital Markets ETC AG
20
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
18 Segment reporting
For management purposes, the Company is organised into one main operating segment, which invests in Crypto Assets. The Company offers
products that allow investors to gain exposure to Digital Assets through exchange-traded commodities. All the entities activities are inter-related,
and each activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of the entity as one segment.
The financial results from this segment are equivalent to the financial statements of the entity as a whole.
19 Agreements
The Company entered into Custody Agreements with Zodia Custody (Ireland) Limited (up to 29 December 2025), Zodia Custody (Europe)
S.A. (from 30 December 2025) and Coinbase Custody International Limited (up to 10 December 2025), Coinbase Luxembourg S.A. (from
11 December 2025) for each Series of Securities. These agreements ensure that Crypto Asset Collateral is securely held in segregated
Collateral Accounts, managed through an online portal and subject to Trustee security. Custodians will follow Company’s instructions for
withdrawals and deposits, maintaining private keys in secure "cold storage" to prevent hacking. Cold storage is a safeguarding method with
multiple layers of protections and protocols, by which the private keys corresponding to the Crypto Asset Collateral are generated and stored
in an offline manner. Private keys are generated in offline computers that are not connected to the internet so that they are resistant to being
hacked. Multiple Collateral Accounts may be opened for each Series of Securities.
State Street Fund Services (Ireland) Limited (the “Administration Agent”) is appointed to provide certain calculation and determination
services to the Company in respect of all Series of Securities issued under the Programme.
State Street Bank International GmbH Munich, Zürich Branch is appointed to act as the Issuing Agent, Principal Paying Agent, and Swiss
Paying Agent for each Series of Securities issued.
Galaxy Digital Funds LLC has been appointed as Crypto Execution Agent and Crypto Development Advisor. The Crypto Execution Agent
arranges purchases and sales of Crypto Assets on behalf of the Company for the purposes of the Company issuing new Securities by way of
Cash Settlement, redeeming existing Securities by way of Cash Settlement and paying third party fees payable by the Company (including
to the Arranger) under the Programme.
The Crypto Development Advisor is appointed to provide certain monitoring, due diligence and advisory services to the Arranger in relation
to the Underlying for the purposes of the Arranger managing the Programme and know-how support to the Arranger with respect to the
Programme and the Underlying.
The Arranger provides certain administrative and operational services to the Company pursuant to an Arrangement Agreement entered into
between the Company and the Arranger in respect of the Programme. The Arranger may delegate certain of those services to its affiliates. In
return for its services and as part of an Arrangement Agreement, the Company agrees to pay the Arranger the Product Fees.
20 Related Party Transactions and connected parties
Until the end of the financial period, Vistra Zürich AG (the "Corporate Services Administrator") provided corporate, secretarial and
administrativeservicestotheCompany.MarcGirardinandKurtGamper,whoweredirectorsoftheCompanyuntil1 April 2026,werekey
management personnel and were employees of the Corporate Services Administrator and were related party. No fee was charged or paid to
the Vistra Group during the financial period under review by the Company for the provision of directors as directors' remuneration (31 March
2025: None). All expenses of the Company are borne by DWS Investments UK Limited, as Arranger, including fees paid to Vistra. During
the financial period, the Company incurred a cost of USD 83,234 (31 March 2025: USD 30,358) relating to administration and accounting
services provided by Corporate Services Administrator.
The directors of the Company consider Vistra Fund Services Limited as trustee of the Xtrackers Digital Markets (Jersey) Trust (the beneficial
owner of the issued share capital of the Company) to be the ultimate controlling party of the Company. No fees were charged or paid to
Vistra Fund Services Limited or any other Vistra entities (31 March 2025: None).
Pursuant to the Annual General Meeting of the Company and the board resolution dated 31 March 2026, the Company has resolved to
distribute a dividend of CHF 7,713 (USD 18,069) to the sole shareholder, Xtrackers Digital Markets ETC (Jersey) Trust and allocate CHF
806 (USD 951) to the legal profit reserves, from the available earnings of CHF 8,519 (USD 19,020).
Xtrackers Digital Markets ETC AG
21
Notes to the unaudited condensed interim financial statements (continued)
For the financial period ended 31 March 2026
21 Ultimate controlling party
The directors of the Company consider Vistra Fund Services Limited as trustee of the Xtrackers Digital Markets (Jersey) Trust (the
beneficial owner of the issued share capital of the Company) to be the ultimate controlling party of the Company.
22 Subsequent events
Kurt Gamper and Marc Girardin resigned as Directors of the Company on 1 April 2026.
Dylan McGrath and Nikoletta Dancs were appointed as Directors of the Company on 1 April 2026.
With effect from 1 April 2026, the Registered Office, Company Secretary and Corporate Services Administrator of the Company
changed from Vistra Zürich AG to Apex Corporate Services (Schweiz) GmbH.
In preparing these unaudited condensed interim financial statements, the directors have evaluated and disclosed all material subsequent events
up to 22 May 2026, which is the date the unaudited condensed interim financial statements were authorised for issue.
23 Approval of the financial statements
The unaudited condensed interim financial statements were approved by the Board of Directors on 22 May 2026.