Microsoft Word - DMIT FINANCIAL STATEMENTS 2025-Final draft.

Dar Al-Maal Al-Islami Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2025 in thousands of USD 48 17. Intangible assets Goodwill Customer relations Core deposits Other Total 2025 Year ended 31 December Opening net book amount 114,243 2,620 3,080 11,135 131,078 Foreign exchange (46) 1,090 3,524 1,244 5,812 Amortisation/impairment - (1,801) (4,794) (2,924) (9,519) Closing net book amount 114,197 1,909 1,810 9,455 127,371 At 31 December Cost 401,181 103,425 177,365 64,673 746,644 Accumulated amortisation and impairment (286,984) (101,516) (175,555) (55,218) (619,273) Net book amount 114,197 1,909 1,810 9,455 127,371 Goodwill Customer relations Core deposits Other Total 2024 Year ended 31 December Opening net book amount 114,211 3,321 4,318 10,624 132,474 Additions - - - 4,331 4,331 Foreign exchange 32 1,100 2,262 410 3,804 Amortisation/impairment - (1,801) (3,500) (4,230) (9,531) Closing net book amount 114,243 2,620 3,080 11,135 131,078 At 31 December Cost 401,227 102,335 173,841 63,428 740,831 Accumulated amortisation and impairment (286,984) (99,715) (170,761) (52,293) (609,753) Net book amount 114,243 2,620 3,080 11,135 131,078 The carrying amount of goodwill relates to acquisition of Ithmaar Holding as follows: 2025 2024 Ithmaar Holding B.S.C. 114,197 114,243 During 2025 the Group used a sum-of- the-parts approach to arrive at a business value of the Ithmaar Holding CGU as Ithmaar Holding did not have any independent cash flow generating activity at its own level. Management has considered both Price to Book (“PB”) multiple and value in use calculation for the impairment assessment. The valuation methodology for the separately identified parts at Ithmaar Holding level based on the operational activities is the following: - Ithmaar CGU (formerly “Shamil Bank”): net asset value methodology; (2024: comparable companies multiple); - Faysal Bank Limited: average of the market multiples and dividend discount model based on the expected dividends that shareholders will receive (2024: dividend discount model) - Ithmaar Holding residual assets: investments measured at their carrying value adjusted for fair value changes. The Group obtained an independent valuation from an international accounting firm to support its assessment of the business value of the Group’s interest in Ithmaar Holding. The valuation was in the range of USD 130 million (2024: USD 119 million). Hence, management has concluded that no impairment provision is required.