Company: TGE
Filing Date: 2025-11-21
Form Type: POS AM
Source: 0001213900-25-113604
Chunk: 147

Company: Generation Essentials Group
Filing Date: 2025-11-21
Form: POS AM
Chunk 147
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 payment expense arising from the completion of the business combination in accordance
with IFRS 2. We define adjusted net income as profit for the period adjusted for non-recurring or extraordinary items.

We believe adjusted net
income helps identify underlying trends in our business that could otherwise be distorted by the effect of one-off share-based payment
expenses that we include in our profit for the period. We believe adjusted net income provides useful information about our results of
operations, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect
to key metrics used by our management in our financial and operational decision-making.

Adjusted net income should
not be considered in isolation or construed as an alternative to profit for the period or any other measure of performance or as an indicator
of our operating performance. Investors are encouraged to review adjusted net income and the reconciliation to its most directly
comparable IFRS measure, profit for the period. Adjusted net income presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative
measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single
financial measure.

The table below sets forth unaudited reconciliations of our IFRS and non-GAAP results
for the periods indicated:

| US$’000                               |     | Six months ended 
 June 30,         
 2025             |        |
|:--------------------------------------|:----|:-----------------|-------:|
| IFRS Measure: Profit for the period   |     |                  |  2,093 |
| Adjustment:                           |     |                  |        |
| One-off share-based payment expenses  |     |                  | 58,878 |
| Non-GAAP Measure: adjusted net income |     |                  | 60,971 |

There
is no non-GAAP adjustment during the years ended December 31, 2022, 2023 and 2024 as there is no such event in these years.

<div align='center'>92</div>

Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2025

Revenue

Our revenue increased
from US$34.2 million in the six months ended June 30, 2024 to US$87.4 million in the six months ended June 30, 2025.

Segment Revenue

Our revenue