Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 148

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 148
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 period in 2024. The
increment was primarily attributable to: -

| ● | Hotel                                                                                                                                 
 operations, hospitality and VIP services income increased from US$7.9 million in the comparable period in 2024 to US$12.7 million for 
 the six months ended June 30, 2025, representing a 60.3% growth.                                                                      |

| ● | Dividend                                                                                                                              
 income and gain related to disposed financial assets at fair value through profit or loss was US$8.6 million for the six months ended 
 June 30, 2025, compared to US$8.7 million for the comparable period in 2024.                                                          |

| ● | Net                                                                                                                                          
 fair value changes on financial assets at fair value through profit or loss was US$56.2 million for six months ended June 30, 2025, compared 
 to US$7.2 million for the comparable period in 2024. The increase was mainly attributable to the unrealized gain on our investment portfolio 
 in 2025.                                                                                                                                     |

Cost of production and cost of hotel operation

Cost of production and
cost of hotel operation increased from US$5.4 million for the comparable period in 2024 to US$9.5 million in six months ended June
30, 2025, mainly due to the additional costs recognized from our hotels in line with the increase in revenue generated from our hotel
operation, as well as the launch of our L’Officiel Coffee in Japan.

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Other income

Other income decreased from US$24.8 million
for the comparable period in 2024 to US$7 thousand for the current period, mainly due to the disposal of the entire equity interests
in certain of our subsidiaries engaging in non-core business during 2024.

Share-based payments

During six months ended
June 30, 2025, the Company completed the business combination with Black Spade Acquisition II Co. This business combination is not within
the scope of IFRS 3 since Black Spade Acquisition II Co does not meet the definition of a business in accordance with IFRS 3, the transaction
is accounted for as a share-based payment transaction within the scope of IFRS 2. As the fair value of consideration transferred is higher
than the net identifiable net assets acquired, the Company recognized share-based payments of US$58.9 million as the result of the business
combination.

This expense is