The Karabakh Revival Fund has published its financial statements as at 31 December 2025, prepared in accordance with International Financial Repоrting Standards (IFRS), together with the report (opinion) of the independent auditor PwC Azerbaijan on the audit carried out for the relevant period.

The Fund's financial statements comprise the statement of financial position as at 31 December 2025; the statements of profit or loss and other comprehensive income, of changes in equity and of cash flows for the year then ended; as well as the notes to the financial statements, including material accounting policy information and other explanatory information.

PwC Azerbaijan, appointed as external auditor by the relevant decision of the Fund's Supervisory Board, stated in its opinion dated 22 May 2026 on the Karabakh Revival Fund's financial statements as at 31 December 2025: “In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the “Karabakh Revival Fund” (the “Fund”) as at 31 December 2025, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards”.

It should be noted that, by a further relevant decision of the Supervisory Board, the auditor's opinion was accepted.

For reference, donations to the Karabakh Revival Fund amounted to a total of AZN 53,868,439 in 2025. Following the decline recorded in 2025, preliminary indicators for 2026 show that donation inflows have returned to a growth trajectory. This trend will be reflected in the audited financial statements for the following year.

At the same time, it should be noted that, through its investment activity, the Fund earned total financial income of AZN 96,911,491 in 2025. Of this amount, AZN 88,302,802 represents interest income on debt securities and AZN 8,608,689 interest income on funds placed in overnight bank accounts.

Financial income increased by 29.94% compared with the previous year's figures. As a result, the share of financial income in the Fund's total income for the year rose from 48.16% to 64.27%.

Accordingly, as at 31 December 2025 the Fund's total assets increased by 7.5%, or AZN 122.1 million, reaching AZN 1,739,869,260.

The increase observed in general, administrative and other operating expenses during 2025 is attributable to the expanded volume of support directed to restoration and reconstruction works, as well as to more intensive fundraising and communication activity.

At the same time, it should be noted that the Fund's accrued profit tax expense for 2025 amounted to AZN 19,180,494, which is AZN 4,584,472 (31.41%) higher than in 2024. It should be noted that donations are not subject to profit tax — the tax is charged solely on income generated by the Fund's investment activity.

It should be recalled that, according to the lists published for 2025 by the State Tax Service under the Ministry of Economy, the Karabakh Revival Fund is included among the country's 100 largest taxpayers in both categories: the Fund ranks 43rd by assessed tax liabilities excluding indirect taxes (VAT and excise duties) and 74th by the total amount of taxes paid.

The Fund's statements and the auditor's opinion are available in Azerbaijani and English on the Fund's official website.

In Azerbaijani: https://qdf.gov.az/media/files/article/255/MHBS-uygun-Maliyye-Hesabatlari-ve-Musteqil-Auditorun-Hesabati-2025.pdf

In English: Report-2025.pdf" target="_blank">https://qdf.gov.az/media/files/article/513/IFRS-Financial-Statements-and-Independent-Auditor-s-Repоrt-2025.pdf

It should be recalled that, in accordance with the Charter of the Karabakh Revival Fund, which was established pursuant to the Decree of the President of the Republic of Azerbaijan Ilham Aliyev dated 4 January 2021, the Fund applies advanced corporate governance standards in its activities and management. In line with these standards, appointing the Fund's external auditor and accepting the audit report is one of the principal responsibilities of the Supervisory Board.