TABLE OF CONTENTSp

	Page
References	1
Overview	1
Management's Discussion and Analysis of Financial Condition and Results of Operations	5
Liquidity and Capital Resources	8
Significant Accounting Policies and Estimates	12
Quantitative and Qualitative Disclosures about Market Risk	14

BELIVE HOLDINGS AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED

CONSOLIDATED FINANCIAL

STATEMENTS FOR THE SIX-MONTH PERIOD

ENDED JUNE 30, 2026

BELIVE HOLDINGS AND ITS SUBSIDIARIES

Index to unaudited Interim Condensed Consolidated Financial Statements

	Page
Unaudited Interim Condensed Consolidated Statements of Profit or Loss and Other Comprehensive loss	F-2
Unaudited Interim Condensed Consolidated Statements of Financial Position	F-3
Unaudited Interim Condensed Consolidated Statements of Changes in Equity	F-4
Unaudited Interim Condensed Consolidated Statements of Cash Flows	F-5
Notes to the Unaudited Interim Condensed Consolidated Financial Statements	F-6 - F-17

BELIVE HOLDINGS AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS

For the six month ended June 30, 2026

(in Singapore Dollars)

		Note		(Unaudited) Six-month ended 30 June 2026 S$				(Unaudited) Six-month ended 30 June 2025 S$
Revenue		4			659,389				350,045
Cost of sales					(457,623	)			(310,279	)
Gross profit					201,766				39,766
Other income		5			81,833				52,711
Less: Expenses
- Marketing					(86,481	)			(38,873	)
- Administrative expenses					(1,615,150	)			(5,277,601	)
- Finance costs		6			(1,023	)			(1,299	)
Loss before tax		7			(1,419,055	)			(5,225,296	)
Income tax expenses		8			-				-
Loss for the period					(1,419,055	)			(5,225,296	)
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
- Exchange differences on translation of foreign operations					3,011				16,557
Total comprehensive loss for the period					(1,416,044	)			(5,208,739	)
Loss per share for the loss attributable to owners of the Company (in dollar)
Basic		9			(0.13	)			(1.11	)
Diluted		9			(0.13	)			(1.11	)
Weighted average number of ordinary shares for the purpose of calculating the basic loss per share		9			10,864,802				10,864,802

BELIVE HOLDINGS AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at June 30, 2026

(in Singapore Dollars)

		Note		(Unaudited) June 30, 2026 S$				(Audited) December 31, 2025 S$
ASSETS
Non-current assets
Plant and equipment, net		10			57,542				68,343
Intangible assets, net		11			276,677				392,531
					334,219				460,874
Current assets
Trade and other receivables and deposits, net		12			487,519				264,909
Contract assets		13			-				2,286
Cash and cash equivalents		14			7,114,557				8,577,947
					7,602,076				8,845,142
Total assets					7,936,295				9,306,016
EQUITY AND LIABILITIES
LIABILITIES
Non-current liabilities
Lease liabilities		17			22,938				22,806
Current liabilities
Trade and other payables		18			550,222				474,949
Income tax payable					-				20,800
Lease liabilities		17			12,071				20,353
					562,293				516,102
Total liabilities					585,231				538,908
EQUITY
Share capital		15			7,233				7,233
Accumulated losses					(35,667,501	)			(34,248,446	)
Reserves		16			43,011,332				43,008,321
					7,351,064				8,767,108
Total equity and liabilities					7,936,295				9,306,016

BELIVE HOLDINGS AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six-month ended June 30, 2026

(in Singapore Dollars)

		Share Capital S$				Share Premium S$				Accumulated losses S$				Other reserve (Note 16) S$				Foreign currency translation reserve (Note 16) S$				Total S$
2025
Balance at January 1, 2025 (audited)			5,462				4,582,248				(27,552,865	)			22,824,575				4,663				(135,917	)
Exercise of share options			171				1,369,414				-				-				-				-
Exercise of share award			-				1,423,999				-				-				-				-
Issuance of shares			1,600				12,794,456				-				-				-				12,796,056
Loss for the period			-				-				(5,225,296	)			-				-				(5,225,296	)
Other comprehensive income			-				-				-				-				16,557				16,557
At June 30, 2025 (unaudited)			7,233				20,170,117				(32,778,161	)			22,824,575				21,220				10,244,984
2026
Balance at January 1, 2026 (audited)			7,233				20,170,117				(34,248,446	)			22,824,575				13,629				8,767,108
Loss for the period			-				-				(1,419,055	)			-				-				(1,419,055	)
Other comprehensive income			-				-				-				-				3,011				3,011
At June 30, 2026 (unaudited)			7,233				20,170,117				(35,667,501	)			22,824,575				16,640				7,351,064

BELIVE HOLDINGS AND ITS SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six-month ended June 30, 2026

(in Singapore Dollars)

		Note		(Unaudited) Six-month ended 30 June 2026 S$				(Unaudited) Six-month ended 30 June 2025 S$
Net cash used in operating activities					(1,528,674	)			(2,682,635	)
Net cash generated from/(used in) investing activities					69,604				(85,782	)
Net cash (used in)/generated from financing activities					(9,173	)			12,503,505
Net (decrease)/ increase in cash and cash equivalents					(1,468,243	)			9,735,088
Effect of exchange rate changes on cash and cash equivalents					4,853				16,557
Cash and cash equivalents at the beginning of the fiscal period					8,577,947				66,184
Cash and cash equivalents at the end of the fiscal period		14			7,114,557				9,817,829

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

1.

General

BeLive Holdings ("the Company", and together with its subsidiaries, "the Group") was incorporated on February 24, 2023 and domiciled in the Cayman Islands. The address of its registered office is Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman, KY1-1106, Cayman Islands.

BeLive Technology Group Ltd. ("BeLive BVI"), a wholly-owned subsidiary of the Company, was incorporated on March 7, 2023 and domiciled in British Virgin Islands. The address of its registered office is at Mandar House, 3rd Floor, Johnson's Ghut, Tortola, British Virgin Islands.

BeLive Technology Pte. Ltd. ("BeLive SG"), a wholly-owned subsidiary of BeLive BVI, was incorporated on June 18, 2014 and domiciled in Singapore. The address of its registered office is at 26A Ann Siang Road, #03-00, Singapore 069706.

BeLive Technology (Vietnam) Company Ltd. ("BeLive Vietnam"), a wholly-owned subsidiary of BeLive SG, was incorporated on June 16, 2021 and domiciled in Vietnam. The address of its registered office is at 133 Duong Ba Trac, Ward 1, District 8, Ho Chi Minh City, Vietnam.

BeLive New Media Ltd. ("BeLive New Media"), a wholly-owned subsidiary of the Company, was incorporated on June 26, 2025 and domiciled in British Virgin Islands. The address of its registered office is at Mandar House, 3rd Floor, Johnson's Ghut, Tortola, British Virgin Islands.

BeLive AI Studios Pte Ltd ("BeLive AI"), a wholly-owned subsidiary of BeLive New Media, was incorporated on July 07, 2025 and domiciled in Singapore. The address of its registered office is at 26A Ann Siang Road, #03-00, Singapore 069706.

The principal activities of the Group are those related to development of software and programming activities and providing consultancy service, and creative agency dealing in content production and campaign marketing.

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

1.	General (Continued)

Information about subsidiaries

Details of the Company's principal subsidiaries are as follows:-

Name		Principal activities		Country of business/incorporation
BeLive BVI		Investment holding		British Virgin Islands
BeLive SG		Development of other software and programming activities and providing consultancy service		Singapore
BeLive Vietnam		Computer programming, computer consultancy and system administration		Vietnam
BeLive New Media		Creative agency dealing in content production and campaign marketing		British Virgin Islands
BeLive AI Studio Pte. Limited		Creative agency dealing in content production and campaign marketing		Singapore

2.	Summary of significant accounting policies

(a)

Basis of preparation

The unaudited interim condensed consolidated financial statement for six-month ended June 30, 2026 of the Group have been drawn up in accordance with International Accounting Standard 34, 'Interim Financial Reporting'. They do not include all of the information required in annual financial statements in accordance with IFRS and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025.

These unaudited interim condensed consolidated financial statements have been prepared on a historical cost convention except for share-based payments which are measured at fair value.

The preparation of unaudited interim condensed consolidated financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Group's accounting policies. It also requires the use of certain critical accounting estimates and assumptions.

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

2.	Summary of significant accounting policies (continued)

(b)

Application of amendments to IFRSs

Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments

Amendments to IFRS Accounting Standards Annual Improvements to IFRS Accounting Standards - Volume 11

The accounting policies adopted in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2025, except for the adoption of the above revised IFRSs for the first time for the current period's financial statements.

The adoption of the new and amendments IFRSs has had no significant effect on these unaudited interim condensed consolidated financial statements for the six months ended June 30, 2026 and there have been no significant changes to the accounting policies applied in these unaudited interim condensed consolidated financial statements for the six months ended June 30, 2026.

The Group has not applied new and amendments standards, amendments or interpretations that have been issued but are not yet effective. The Group is currently assessing the impact of the adoption of such new and revised standards, amendments or interpretations to the Group but is yet to be in a position to state whether they would have any material financial impact on the Group's results of operations and financial position.

3.	Significant accounting judgements and estimates

The preparation of the unaudited interim condensed consolidated financial statements requires the directors of the Company to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors of the Company have considered the development, selection and disclosure of the Group's critical accounting judgements and estimates. These accounting judgements and estimates applied in the unaudited interim condensed financial statements for the six-month ended June 30, 2026 are the same as those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2025.

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

4.

Revenue

		(Unaudited) Six-month ended June 30, 2026 S$				(Unaudited) Six-month ended June 30, 2025 S$
			659,389				350,045

		(Unaudited) Six-month ended June 30, 2026 S$				(Unaudited) Six-month ended June 30, 2025 S$
Disaggregation of revenue
Revenue from contracts with customers within the scope of IFRS 15, types of goods or services - recognized overtime
Installation fees			383,936				197,422
Subscription fees			138,609				132,645
Server costs			29,821				19,978
Campaign			3,000				-
Content production			88,023				-
			643,389				350,045
Revenue from contracts with customers within the scope of IFRS 15, types of goods or services - recognized at a point in time
Miscellaneous Income			16,000				-
Total revenue			659,389				350,045

The Group accounts for contracts with customers and recognizes revenue when all of the following criteria are met:

(a) the parties to the contract have approved the contract and are committed to perform their respective obligations;

(b) the entity can identify each party's rights regarding the goods or services to be transferred;

(c) the entity can identify the payment terms for the goods or services to be transferred;

(d) the contract has commercial substance (i.e. the risk, timing or amount of the entity's future cash flows is expected to change as a result of the contract); and

(e) it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.

At contract inception, the Group assesses and concludes the customers' ability and intention to pay the amount of consideration when it is due by evaluating and considering their prior historical settlement performance, reputation in the market and financial performance through a due diligence check.

While a few customers, based on historical records, have been slow in making payments, the directors of the Company were of the opinion that it was probable that the entity would collect the consideration to which it would be entitled in exchange for the goods or services provided because the Group was able to review these customers' live commerce performance on a regular basis, with reference to their overall historical payment performance in prior years. Thus, the Group continued to provide services to these customers during the six-month period ended June 30, 2026 and continued to recognise revenue from them during the six month period ended June 30, 2026.

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

4.	Revenue (continued)

Revenue from customers contributing over 10% of the total revenue of the Group is as follows:

		(Unaudited) Six-month ended June 30, 2026 S$				(Unaudited) Six-month ended June 30, 2025 S$
Customer A			256,500				-
Customer B			-				165,312
Customer C			-				44,157
Customer D			77,674				-
			334,174				209,469

5.	Other income

		(Unaudited) Six-month ended June 30, 2026 S$				(Unaudited) Six-month ended June 30, 2025 S$
Government grants (Note 1)			7,594				52,661
Interest income (Note 2)			74,212				-
Others			27				50
			81,833				52,711

Note 1:	The government grants were subsidies granted from the Government in Singapore for several schemes. These conditions had been satisfied in current period.
Note 2:	Interest income increased primarily due to higher average cash balances and improved yield on deposits.

6.	Finance costs

		(Unaudited) Six-month ended June 30, 2026 S$				(Unaudited) Six-month ended June 30, 2025 S$
Interest expenses from leases			1,023				1,299

7.	Loss before tax

Loss before tax has been arrived at after charging:

		(Unaudited) Six-month ended June 30, 2026 S$				(Unaudited) Six-month ended June 30, 2025 S$
Amortization of intangible assets			115,854				115,854
Allowance of expected credit losses for trade and other receivables			2,458				1,277
Depreciation of plant and equipment			13,567				16,609
Bad debt written off			17,719				-
Employee benefits expense			726,200				616,862
Exchange losses			7,856				325,411
Share-based payment (Note 20)			-				2,793,584

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

8.	Income tax expense

No profits tax has been provided as there are no assessable profits arising during the six-month ended June 30, 2026 and 2025.

9.	Earnings per shares

		(Unaudited) Six-month ended June 30, 2026 S$				(Unaudited) Six-month ended June 30, 2025 S$
Loss for the period attributable to the owners of the Company			(1,419,055	)			(5,225,296	)
Weighted average number of ordinary shares for the purpose of calculating the basic and dilutive loss per share			10,864,802				4,696,733

10.	Plant and equipment, net

		Computer S$				Office equipment S$				Renovation S$				Right of use asset S$				Total S$
Cost
At January 1, 2025			95,220				-				-				274,984				370,204
Additions			42,202				11,512				20,428				62,457				136,599
Disposals			-				(138	)			(10,540	)			-				(10,678	)
Written-off			-				-				-				(269,411	)			(269,411	)
Exchange adjustment			(737	)			(275	)			(247	)			(7,127	)			(8,386	)
At December 31, 2025			136,685				11,099				9,641				60,903				218,328
Additions			4,608				-				-				-				4,608
Exchange adjustment			165				(258	)			56				352				315
At June 30, 2026			141,458				10,841				9,697				61,255				223,251
Accumulated depreciation
At January 1, 2025			95,147				-				-				269,013				364,160
Depreciation			26,578				7,904				3,831				25,244				63,557
Disposals			-				(8	)			(1,757	)			-				(1,765	)
Written-off			-				-				-				(269,411	)			(269,411	)
Exchange adjustment			(604	)			(196	)			(51	)			(5,705	)			(6,556	)
At December 31, 2025			121,121				7,700				2,023				19,141				149,985
Depreciation			2,721				258				1,892				8,696				13,567
Exchange adjustment			1,686				732				(426	)			165				2,157
At June 30, 2026			125,528				8,690				3,489				28,002				165,709
Carrying amount
At June 30, 2026 (Unaudited)			15,930				2,151				6,208				33,253				57,542
At December 31, 2025 (Audited)			15,564				3,399				7,618				41,762				68,343

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

11.	Intangible assets, net

		Software development S$
Cost
At January 1, 2025, December 31, 2025 and June 30, 2026			1,158,548
Accumulated amortization
At January 1, 2025			534,308
Amortization			231,709
At December 31, 2025			766,017
Amortization			115,854
At June 30, 2026			881,871
Carrying amount
At June 30, 2026 (Unaudited)			276,677
At December 31, 2025 (Audited)			392,531

The Group has capitalized all directly attributable staff costs necessary to create, produce, and prepare the intangible assets to be capable of operating in the manner intended by the directors.

12.	Trade and other receivables and deposits, net

		(Unaudited) June 30, 2026 S$				(Audited) December 31, 2025 S$
Trade receivables			328,161				184,206
Less: allowance for expected credit losses			(10,850	)			(8,392	)
Total trade receivables			317,311				175,814
Other receivables and deposits
Prepayments			164,643				83,562
Deposits			5,565				5,533
Total other receivables and deposits			170,208				89,095
Total trade and other receivables and deposits			487,519				264,909

The movement in allowance for expected credit losses of receivables computed based on lifetime and 12-month ECL was as follows:

		(Unaudited) June 30, 2026 S$				(Audited) December 31, 2025 S$
Balance at beginning of the period			8,392				4,357
Provision for expected credit losses			20,177				5,166
Amounts written off during the period/year			(17,719	)			(1,131	)
Balance at end of the period			10,850				8,392

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

12.	Trade and other receivables and deposits (continued)

Ageing Receivables

For trade receivables, the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit loss. The Group determines the allowance for expected credit loss by using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions.

In determining the expected credit loss for each category of trade receivables and contract assets, historical default rates and the past due status of these receivables, the Company's methodology is consistent with IFRS 9. When evaluating the historical past due status, the Company considers the time value of money impact on the number of days of delay in payment in the calculation of expected credit loss allowance. If there is any evidence that the debts are credit-impaired, the Company adjusts the default rate to 100% in the calculation of expected credit loss allowance.

The following table provides information on the exposure to credit risk for trade receivables and contract assets which are assessed based on the provision matrix as at June 30, 2026, within lifetime expected credit loss (not credit impaired). No balance was assessed as credit-impaired debtors as at June 30, 2026. For the expected credit loss for the remaining trade receivables that are not considered as credit-impaired as at June 30, 2026, in the opinion of the directors of the Company, allowance for expected credit loss of S$10,850 (2025: $8,392) was provided for these balances. All the remaining trade receivables and contract assets balances were subsequently settled.

		Expected loss rate %				Gross carrying amount S$				Loss allowance S$
June 30, 2026
Current (not past due)			0	%			1,566				-
1-30 days past due			0	%			248,925				-
31-60 days past due			0	%			39,765				-
61-90 days past due			0	%			20,641				-
More than 90 days past due			63	%			17,264				10,850
							328,161				10,850

		Expected loss rate %				Gross carrying amount S$				Loss allowance S$
December 31, 2025
Current (not past due)			0	%			145,483				-
1-30 days past due			0	%			12,384				-
31-60 days past due			0	%			3,052				-
More than 90 days past due			36	%			23,287				8,392
							184,206				8,392

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

13.	Contract assets

		(Unaudited) June 30, 2026 S$				(Audited) December 31, 2025 S$
Contract assets			-				2,286

The contract assets mainly relate to the Company's rights to consideration for work completed but not yet billed at reporting date for its monthly subscription. The contract assets are transferred to trade receivables when the rights become unconditional. The Group classifies these contract assets as current because the Group expects to realize them in its normal operating cycle.

14.	Cash and cash equivalents

		(Unaudited) June 30, 2026 S$				(Audited) December 31, 2025 S$
Cash at banks			7,114,557				8,577,947

Cash at banks earns interest at floating rates based on daily bank deposit rates.

15.	Share capital

		(Unaudited) June 30, 2026 S$				(Audited) December 31, 2025 S$
Ordinary shares
Authorized:-
100,000,000 (December 31, 2025: 100,000,000) ordinary shares			67,018				67,018
Issued and fully paid:-
10,864,802 (December 31, 2025: 10,864,802) ordinary shares			7,233				7,233

Note:

On June 12, 2023, an aggregate of additional 359,940 ordinary shares totaled US$250,000 (equivalent to S$329,825) were issued to a private investor to provide additional capital to the Company. On the same date, 1,397,600 ordinary shares of the Company were issued to an independent company for providing services to the Company (Note 20).

On February 1, 2024, the Group has granted 5,900,000 share options to certain employees of the Group under the Share Option Scheme 2023. The share options contain an exercise price of US$0.0001 per share option with an expiry date on February 29, 2024 and are vested on the same date of acceptance of the share options by employees. All share options have been exercised in February 2024. The fair value of 5,900,000 share options is approximately US$2,690,000 (equivalents to S$3,606,000).

On February 18, 2024, the Company has consolidated every five issued and unissued existing shares of par value of US$0.0001 each into one share of par value of US$0.0005 each.

On April 10, 2024, the Company has issued an aggregate of 100,000 ordinary shares of the Company to certain investors for the consideration of US$300,000 (equivalents to S$384,100).

On April 17, 2024, the Company has issued an aggregate of 34,000 ordinary shares of the Company to certain investors for the consideration of US$102,000 (equivalents to S$130,600).

On April 20, 2024, the Company has issued an aggregate of 33,333 ordinary shares of the Company to certain investors for the consideration of US$99,000 (equivalents to S$126,810).

On April 7, 2025, the Company has completed IPO of 2,450,000 Ordinary Shares at a public offering price of US$4.00 per share. The total net proceeds to the Company from the IPO, after deducting total discounts, expense allowance and expenses of US$1,023,500 (equivalent to S$1,383,670), were approximately US$8,776,500.

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

16.

Reserves

(i)

Foreign currency translation reserve

Foreign currency translation reserve represents exchange differences arising from the translation of the unaudited interim condensed consolidated financial statements of foreign operations whose functional currencies are different from that of the Group's presentation currency.

(ii)

Other reserve

Other reserve represents member's deemed contribution arising from reorganization.

(iii)

Share-based payment reserve

The share option reserve comprises the fair value of share options granted which are yet to be exercised. The amount will either be transferred to the other reserves when the related options are exercised or be transferred to accumulated losses should the related options expire after the vesting period.

17.	Lease liabilities

		(Unaudited) June 30, 2026 S$				(Audited) December 31, 2025 S$
Lease liabilities payable:
Within one year			12,071				20,353
Within a period of more than one year but not more than two years			22,938				22,806
			35,009				43,159
Less: portion classified as current liabilities			(12,071	)			(20,353	)
Non-current liabilities			22,938				22,806

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

18.	Trade and other payables

		(Unaudited) June 30, 2026 S$				(Audited) December 31, 2025 S$
Trade payables
- Third parties			107,460				59,168
Other payables
- Accruals			333,742				353,243
- Contract liabilities			68,595				19,447
- Other payables (Note i)			40,425				43,091
			442,762				415,781
Total trade and other payables			550,222				474,949

Trade and other payables are non-interest bearing and are normally settled on 30 days' terms.

Note

i)

The amounts due to the directors of S$Nil (2025: S$3,654) are included in the other payables. The amounts due to directors are unsecured, interest-free, and repayable on demand.

19.	Significant related party transactions

In addition to the related party information disclosed elsewhere in the unaudited interim condensed consolidated financial statements, the following transactions with related parties took place at terms agreed between the parties during the financial period, which are at arm's length:

		(Unaudited) Six-month ended June 30, 2026 S$				(Unaudited) Six-month ended June 30, 2025 S$
Sales to a shareholder			2,850				3,000

The related parties refer to entities with common shareholders.

BELIVE HOLDINGS AND ITS SUBSIDIARIES

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six-month ended June 30, 2026

(in Singapore Dollars)

19.	Significant related party transactions (continued)

Compensation of key management personnel

		(Unaudited) Six-month ended June 30, 2026 S$				(Unaudited) Six-month ended June 30, 2025 S$
Salaries, bonuses, and allowances			158,420				132,000
Employer's contribution to Central Provident Fund			20,975				15,096
			179,395				147,096

20.	Share option

The Company adopted a share option scheme on July 17, 2023 (the "Share Option Scheme 2023") to provide an incentive to the grantees by enabling them to participate in a future sale or listing of the Company, attract, motivate, and retain eligible participants, and align the interests of the grantees more closely with the shareholders of the Company and provide greater incentive for the grantees to focus on long-term goals of the Group.

On July 17, 2023, the Company granted a consultant share option equivalent to 3.5% of total number of shares of the Company as of 7 December 2022 with no vesting period. According to the addition terms and conditions on the share option granted to the consultant, the share option is contingent upon the occurrence of a performance condition (i.e. the successful initial public offering), the share option shall not be recognised until the performance condition becomes probable in accordance with IFRS 2 Share-based Payment.

On February 1, 2024, the Group has granted 5,900,000 share options to certain employees of the Group under the Share Option Scheme 2023. The share options contain an exercise price of US$0.0001 per share option with an expiry date on February 29, 2024 and are vested on the same date of acceptance of the share options by employees. All share options have been exercised in February 2024.

According to the underwriting agreement, upon the exercise of the over-allotment option, the Group shall issue to the underwriter, and the underwriter shall purchase 262,228 ordinary shares of the Group, par value US$0.0005 per share, at a price to the public of US$4.00 per share, for total gross proceeds of US$1,048,912. The share option has been exercised in April 2025.

On 12 June 2023, the Group granted 1,397,600 ordinary shares to the investor upon the success of the IPO, at US$0.0001 per share for total consideration of US$139.76. The share award has been granted in April 2025.

Fair value of shares granted

The fair value of the 1,659,828 share options granted on April 7, 2025 were estimated using inputs which are considered as Level 1 in the fair value hierarchy. It was determined based on valuation performed by Crowe Horwath First Trust Appraisal Pte Ltd, an independent valuer who holds a recognized and relevant professional qualification in this field. The fair value of S$8,490,000 was measured based on market approach which the share option and share award were exercised as at the date of IPO. The Company has recognised the share-based payment expenses of S$Nil (2025: S$2,793,584) in the consolidated profit or loss under administrative expenses during the period.

Share option movement under the plan is presented in the table below:-

		(Unaudited) Six-month ended June 30, 2026 No. of shares				(Audited) December 31, 2025 No. of shares
At the beginning of the period/year			-				-
Granted			-				541,748
Exercised			-				(541,748	)
At the end of the period/year			-				-
Exercisable at end of year			-				-

21.	Subsequent events

Subsequent to the end of the reporting period, a new subsidiary named Belive AI Create Pte. Limited was established on August 12, 2026. The principal activity of Belive AI Create Pte. Limited is engaged as development of software and applications (except games and cybersecurity).