Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 149

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 149
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 one-off
in nature resulting from the completion of the business combination, and such expense did not affect the Company’s results and
financial position.

Fair value change on financial liabilities at FVTPL

Upon the business combination
between the Company and Black Spade Acquisition II Co, the Company has 16,220,000 warrants outstanding. The Company recognized the warrant
as financial liabilities at FVTPL and thus the changes in fair value have been recognized in profit or loss. In current period, the Company
recognized US$5.2 million fair value gain on the warrants.

Other operating expenses

Other
operating expenses for the six months ended June 30, 2025 increased by 69.5% as compared
to the comparable period in 2024 to US$10.4 million, primarily attributable to an increase
in our hotels’ depreciation charges and the additional other operating costs recognized
from our hotels in line with the increase in revenue generated from our hotel operation.

Staff costs

Staff
costs for the six months ended June 30, 2025 remain relatively steady compared to the comparable period in 2024 at US$5.7 million.

Finance costs

Finance
costs for the six months ended June 30, 2025 decreased slightly by 3.4% compared to the comparable
period in 2024 to US$4.6 million, primarily due to our continuous efforts in asset liability
management controls.

Income tax expense

Income
tax expense for the six months ended June 30, 2025 remained steady compared to the comparable
period in 2024 at US$1.5 million.

Profit for the year

The Company recorded a
profit of US$61.0 million (non-GAAP adjusted) in the six months ended June 30, 2025, a growth of 74.5% as compared to the comparable
period in 2024. On GAAP basis, there is an one-off share-based payments of US$58.9 million recognized resulting from the completion of
the business combination to include into the above profit (non-GAAP adjusted).

Year Ended December 31,
2023 Compared to Year Ended December 31, 2024

Revenue

Our revenue increased from
US$42.5 million in 2023 to US$77.0 million in 2024.

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Segment Revenue

Our segment revenue from
the media and entertainment segment increased from US$14