Rex International Holding Limited 163 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited the consolidated financial statements of Rex International Holding Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Company as at 31 December 2025, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows of the Group and the statement of changes in equity of the Company for the year then ended, and notes to the financial statements, including material accounting policy information, as set out on pages 168 to 245. In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 December 2025 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group and of the changes in equity of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”), as applicable to audits of financial statements of public interest entities, together with the ethical requirements that are relevant to audits of the financial statements of public interest entities in Singapore. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainty Related to Going Concern As disclosed in Notes 1 and 18 to the consolidated financial statements, as at 31 December 2025, the Group’s subsidiary, Lime Petroleum Holding AS (“LPH”), has senior secured bonds of US$224,930,000 (NOK 2,265,221,000) (the “LPH Bonds”). On 26 January 2026, LPH obtained bondholders’ approval to defer interest payments totalling US$5.0 million that was due in January 2026, to a date no later than 31 March 2026. Bondholders have also agreed to temporarily waive and suspend a Minimum Liquidity covenant till 31 March 2026. LPH has appointed financial and legal advisors to undertake a comprehensive strategic and financial review, with the objective of strengthening LPH’s balance sheet and secure a sustainable capital structure, which include achieving a comprehensive and consensual restructuring of LPH’s indebtedness (the “Debt Restructuring”). LPH’s ability to repay the amounts outstanding under the LPH Bonds as they fall due is solely dependent on the successful conclusion of the Debt Restructuring negotiations. Depending on the role that the Company may play in the Debt Restructuring (as further described in Note 1.1), these events indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF REX INTERNATIONAL HOLDING LIMITED
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