DIRECTORS’ REPORT AND FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025
Company Registration Number 401997
1
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS’ REPORT AND FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
CONTENTS PAGE(S)
Directors and other information 1
Directors' report 2 - 7
Directors’ responsibilities statement 8 - 9
Independent auditor’s report 10 - 17
Consolidated statement of comprehensive income 18
Consolidated statement of financial position 19
Company statement of financial position 20
Consolidated statement of changes in equity 21
Company statement of changes in equity 21
Consolidated statement of cash flow 22
Notes to the consolidated financial statements 23 – 59
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MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS AND OTHER INFORMATION
Directors Mr. Peter Blessing (Irish)
Mr. Alan Geraghty (Irish)
Administrator and Wilmington Trust SP Services (Dublin) Limited
Company Secretary Fourth Floor
3 George’s Dock
IFSC
Dublin 1
Registered Office Fourth Floor
3 George’s Dock
IFSC
Dublin 1
Banker Citibank N.A.
25 Canada Square
Canary Wharf, London, E14 5LB
United Kingdom
Solicitors Clifford Chance
10 Upper Bank Street
London E14 5JJ
United Kingdom
A&L Goodbody
25/28 North Wall Quay
IFSC, Dublin 1
Independent Auditor Grant Thornton
Chartered Accountants and Statutory Audit Firm
13-18 City Quay
Dublin 2
D02 ED70
Ireland
Trustee Citigroup Trustee Company Limited
Citigroup Centre, Canada Square
Canary Wharf
London E14 5LB
United Kingdom
Fund Manager Navegator – SGFTC, SA
Rua Castilho, 20
Lisbon, Portugal
Custodian, Servicer Banco Comercial Portugues, S.A.
and Arranger Praca D. Joao I, 28
Oporto, Portugal
Swap Counterparty Credit Agricole, Corporate & Investment Bank
9 quai du Président Paul Doumer
92920 Paris La Défense Cedex
Paris, France
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MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS' REPORT
FINANCIAL YEAR ENDED 31 DECEMBER 2025
The Directors hereby present their report and the consolidated financial statements of Magellan
Mortgages No.3 Public Limited Company (the “Company”) and subsidiary (collectively as the
“Group”) for the financial year ended 31 December 2025.
Principal activities, business review and future developments
The Company was incorporated in Ireland on 11 May 2005 as Magellan Mortgages No. 3 PLC.
of loans originated by Banco Comercial Português S.A. (“BCP”) (the “Arranger”, the “Servicer” and
the “Custodian”). The Fund acquired the receivables from BCP and through the subscription in the
units of the Fund, the Company has ultimate ownership in the assets of the Fund. The investment in
the units of the Fund is hereafter referred to as “Investment in Subsidiary Undertaking”.
The transaction is financed through the issuance of six classes of mortgage backed floating rate notes,
Classes A, B, C, and D (the “Senior Notes”) to an aggregate amount of €1,500,000,000 and Class E
and F Notes (together with the Senior Notes, the “Notes”). All of the Notes are listed on the Main
Securities Market of Euronext Dublin. The repayment of principal and interest on the Notes is linked
to the performance of the portfolio of the mortgage receivables.
The Fund has a narrow and well-defined objective to manage its portfolio and is operating for the sole
benefit of its Unitholders. The Fund is not permitted to issue additional units nor acquire additional
assets. It is managed by a fund management company in Portugal, Navegator – SGFTC, SA (the
“Fund Manager”). The Fund Manager acts on behalf of the Unitholders and provides supervisory
services such as supervising the acquisition of the assets, notification of the borrowers in the event of a
mortgage asset sale notification event, issuance of the units and determination of the unit distribution.
In accordance with Portuguese Securitisation Law and Fund Regulations (the “Regulations”), a
Portuguese securitisation fund must be administered, managed and represented by a local licensed
fund manager. The Regulations require that (i) the fund is managed by a fund manager, (ii) a servicer
is appointed to collect and manage the portfolio and (iii) a custodian holds the portfolio on behalf of
the fund. The Fund Manager acts on behalf of the Fund and for the sole benefit of the Unitholders and
is required to perform and execute all acts to ensure the proper administration of the Fund.
The Company has entered into an interest rate swap agreement with Credit Agricole (the “Swap
Counterparty”) in order to reduce the risk of a mismatch between the income received on the fund
units and the interest payable on the Notes.
The Company owns 100% of the units issued by the Fund. As such, the Directors of the Company
have prepared consolidated financial statements incorporating the Fund’s results (see note 2 for further
information on basis of consolidation).
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MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS' REPORT (continued)
FINANCIAL YEAR ENDED 31 DECEMBER 2025
Principal activities, business review and future developments (continued)
Levels of performance in 2025 were maintained compared to 2024 despite elevated levels of volatility
in global financial markets driven by a number of catalysts, for example global inflation, the on-going
Russia-Ukraine conflict and other geopolitical relationships.
The Company’s Key Performance Indicators for the current financial reporting year improved when
compared against those of the previous year with the exception of interest income. Interest income for
2025 decreased by 37.3% compared to the same period last year (€5.24m in 2025 compared to €8.36m
in 2024). Favourable indicators are evident, such as the number of delinquent loans, LTV of the
Company and the cash balance of the Company remained consistent for the year 2025 and the
allowance for impairment decreased by €254,276 (2024: decreased by €218,292).
During the financial year, the Group made no profit or loss (2024: €Nil).
Key performance indicators
2025
€
2024
€
Interest income
5,236,196
8,356,773
Interest expense
(5,141,684)
(7,973,245)
Financial Assets at amortised cost
129,650,830
150,747,760
Debt securities issued
133,283,070
154,433,061
Mortgage Portfolio:
2025
2024
Weighted average interest rate
3.074%
3.912%
Number of loans
5,181
5,691
Present LTV (outstanding loan amount/initial valuation)
36.8%
38.3%
Original LTV (initial loan amount/initial valuation)
73.7%
73.6%
Portfolio Trigger Event (maximum 4.5%): Arrears ratio
0.02%
0.02%
These consistent trends have continued into 2026 with the Company’s Key Performance Indicators up
to February 2026 appearing to be consistent with the same period last year. Favourable indicators are
evident, such as the decrease in the number of delinquent loans, down 1 when you compare figures
from February 2025 versus February 2026. The LTV of the Company has remained consistent, 36.8%
in February 2026 versus 38.3% in February 2025. Additionally, the cash balance of the Company has
remained consistent for the year - €9.07m as at February 2026 versus €9.1m as at February 2025. The
Directors expect the current level of activity to continue in the foreseeable future. The Company will
continue to utilise the collections from the fully amortised mortgage loan portfolio to redeem the
outstanding loan notes during the lifetime of the transaction.
Going Concern
Based on the value of the assets, the limited recourse nature of the debt securities and the performance
of the Company during the financial year as well as post year-end, it is the Directors’ opinion the
going concern basis which underlies these financial statements continues to apply and will remain
valid for a period of at least 12 months from the date of signing.
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MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS' REPORT (continued)
FINANCIAL YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
In accordance with the requirement to analyse the principal risks and uncertainties facing the future
development of the Group, the following have been identified:
• Market risk including interest rate risk
• Credit risk
• Operational risk
• Liquidity and cashflow risk
• Concentration risk
The Directors have analysed these and other risks and appropriate methods are in place to manage and
control these risks and these are discussed in Note 21 to the financial statements.
In relation to credit risk, the Directors and Management (“Management” being the term used when
referring to the Administrator, Fund Manager, Trustees, Servicer, etc.) of the Company monitor the credit
quality of Citibank N.A, the Banker, as reported by Standard and Poors, Moody’s or Fitch. If the credit
quality or the financial position of the Banker deteriorates significantly, the Directors may consider
moving the cash holdings to another bank. Please refer to Note 21 of the financial statements for further
detail.
The Servicer monitors the loan to value ratios, mortgage arrears balances and related ratios and the
number of loans in arrears. The loan to value ratio is a mathematical calculation which expresses the
current principal balance of a mortgage as a percentage of the total initial value of the property. The
Directors of the Company place reliance on this information to manage the credit risk exposure of
Financial Assets at amortised cost.
31 December 2025
31 December 2024
Present loan to value ratio (percentage)
36.8%
38.3%
Mortgage loans in arrears (> 30 days)
€9,048,209
€9,295,017
No. of loans in arrears
283
284
Results and dividends
The Group’s trading results for the financial year, and the Group and Company's financial position at
the end of the financial year are shown in the financial statements. The Directors have not
recommended the payment of a dividend for the financial year ended 31 December 2025 (2024: €Nil).
Interim dividends paid during the financial year amounted to €Nil (2024: €Nil).
Directors, secretary and their interests
The Company had the following Directors as at 31 December 2025:
• Mr. Peter Blessing
• Mr. Alan Geraghty
There were no changes in the Directors or secretary during the financial year and up to the date of this
report.
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MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS' REPORT (continued)
FINANCIAL YEAR ENDED 31 DECEMBER 2025
Directors, secretary and their interests (continued)
The Directors and secretary who held office on 31 December 2025 did not hold any shares in, or
debentures or loan stock of, the Company or Group on that date, at the beginning of the financial year
or during the financial year. There are no contracts or arrangements of any significance in relation to
the business of the Company in which the Director’s had any interests as defined in the Companies
Act 2014, at any time during the financial year ended 31 December 2025.
Political donations
The Electoral Act 1997 (as amended by the Electoral Amendment Political Funding Act, 2012)
requires companies to disclose all political donations over €200 in aggregate made during a financial
year. The Directors on enquiry have satisfied themselves that no such donations in excess of this
amount have been made by the Group or Company during the financial year ended 31 December
2025. This disclosure is made solely in relation to Irish political donations.
Significant subsequent events
There were no significant subsequent events since the financial year end up to the date of approval of
the financial statements requiring disclosure or amendment to these financial statements.
Accounting records
The Directors consider that they have complied with the requirements of Sections 281 to 285 of the
Companies Act 2014 with regard to adequate accounting records by employing service providers with
accounting personnel with the appropriate expertise. The accounting records of the Group and the
Company are held at the registered office, Fourth Floor, 3 George’s Dock, IFSC, Dublin 1.
The Group’s consolidated financial statements for the financial year ended 31 December 2025 are
available in European Single Electronic Format (“ESEF”) at the below link;
https://ind.millenniumbcp.pt/pt/Institucional/investidores/securitizacoes/Pages/default.aspx
Independent auditor
The independent auditor, Grant Thorton, was appointed on 13 May 2025 and has signified their
willingness to continue in office in accordance with Section 383(2) of the Companies Act 2014.
Statement of relevant audit information
Each director at the date of approval of this report confirms that:
• so far as the directors are aware, there is no relevant audit information of which the Company’s
auditor is unaware; and
• the directors have taken all steps that they ought to have taken as a director in order to make
themselves aware of any relevant audit information and to establish that the Company’s
auditor is aware of this information.
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MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS' REPORT (continued)
FINANCIAL YEAR ENDED 31 DECEMBER 2025
Directors’ Compliance Statement
The Directors acknowledge that they are responsible for securing compliance by the Company of its
relevant obligations as set out in the Companies Act 2014 (the “Relevant Obligations”).
The Directors further confirm that there is a Compliance Policy Statement in place setting out the
Company’s policies which, in the Directors’ opinion, are appropriate to ensure compliance with the
Company’s Relevant Obligations.
The Directors also confirm that appropriate arrangements and structures are in place which, in the
Directors’ opinion, are designed to secure material compliance with the Company’s Relevant
Obligations. During the financial year ended 31 December 2025, the Directors conducted a review of
the arrangements and structures in place. In discharging their responsibilities under Section 225 of the
Companies Act 2014, the Directors relied on the advice of persons who the Directors believe have the
requisite knowledge and experience to advise the Company on compliance with its Relevant
Obligations.
Corporate Governance Statement
Introduction
The Company is subject to and complies with the Companies Act 2014 and the Listing Rules of
Euronext Dublin. The Company does not apply additional requirements in addition to those required
by the above. Each of the service providers engaged by the Company is subject to their own corporate
governance requirements.
Financial reporting process
The Board of Directors ("the Board") is responsible for establishing and maintaining adequate internal
control and risk management systems of the Company in relation to the financial reporting process.
Such systems are designed to manage rather than eliminate the risk of failure to achieve the
Company's financial reporting objectives and can only provide reasonable and not absolute assurance
against material misstatement or loss.
The Board has established processes regarding internal control and risk management systems to ensure
its effective oversight of the financial reporting process. These include appointing the Administrator,
Wilmington Trust SP Services (Dublin) Limited, to maintain the accounting records of the Group and
the Company independent of the Arranger and the Custodian. The Administrator is contractually
obliged to assist the Group and the Company to maintain adequate accounting records as required by
the corporate administration agreement. To that end, the Administrator performs reconciliations of its
records to those of the Arranger and the Custodian.
The Board evaluates and discusses significant accounting and reporting issues as the need arises. From
time to time, the Board also examines and evaluates the Administrator's financial accounting and
reporting routines and monitors and evaluates the external auditor’s performance, qualifications and
independence.
Risk assessment
The Board is responsible for assessing the risk of irregularities whether caused by fraud or error in
financial reporting and ensuring the processes are in place for the timely identification of internal and
external matters with a potential effect on financial reporting. The Board has also put in place
processes to identify changes in accounting rules and recommendations and to ensure that these
changes are accurately reflected in the Group and the Company's financial statements.
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MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS' REPORT (continued)
FINANCIAL YEAR ENDED 31 DECEMBER 2025
Corporate Governance Statement (continued)
Control activities
The control structures in place within the Company, employed by the relevant service providers,
include appropriate division of responsibilities and specific control activities aimed at detecting or
preventing the risk of significant deficiencies in financial reporting for every significant account in the
financial statements and the related notes in the Company's annual report.
Monitoring
The Board has an annual process to ensure that appropriate measures are taken to consider and address
the shortcomings identified and measures recommended by the independent auditor.
Capital structure
No person has a significant direct or indirect holding of securities in the Company. No person has any
special rights of control over the Company's share capital. There are no restrictions on voting rights.
With regard to the appointment and replacement of Directors, the Company is governed by its Articles
of Association, the Companies Act 2014 and the Listing Rules of Euronext Dublin. The Articles of
Association themselves may be amended by special resolution of the shareholders.
Powers of Directors
The Board is responsible for managing the business affairs of the Company in accordance with the
Articles of Association. The Directors may delegate certain functions to the Administrator and other
parties, subject to supervision and direction by the Directors. The Directors have delegated the day to
day administration of the Company to the Administrator.
The Articles of Association provide that the Directors may exercise all the powers of the Company to
borrow money, to mortgage or charge its undertaking, property or any part thereof and may delegate
these powers to the Arranger.
Audit Committee
The sole business of the Company relates to the investment in a portfolio of mortgage receivables in
Portugal which is funded by issuing loan notes. Under Section 1551(11) (c) of the Companies Act
2014, such a Company may avail itself of an exemption from the requirement to establish an audit
committee.
Given the contractual obligations of the Administrator and the limited recourse nature of the securities
issued by the Company, the Board has concluded that there is currently no need for the Company to
have a separate audit committee in order for the Board to perform effective monitoring and oversight
of the internal control and risk management systems of the Company in relation to the financial
reporting process. Accordingly, the Company has availed itself of the exemption under Section
1551(11) (c) of the Companies Act 2014.
Signed on behalf of the board
_________________________ _________________________
MR. A. GERAGHTY MR. P. BLESSING
Director Director
Date: April 2026
30
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MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS’ RESPONSIBILITIES STATEMENT
The Directors are responsible for preparing the Directors’ Report and the Group and Company
financial statements in accordance with applicable law and regulations.
Irish company law requires the directors to prepare Group and Company financial statements for each
financial year. Under that law, the Directors have prepared the Group financial statements in
accordance with IFRS Accounting Standards (“IFRS”) as adopted by the EU and applicable law, and
have elected to prepare the Company financial statements in accordance with FRS 102 the Financial
Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting
Council.
Under the law, the Directors must not approve the Group and the Company financial statements unless
they are satisfied that they give a true and fair view of the assets, liabilities and financial position as at
the end of the financial year of the Group and the Company respectively and in the case of the Group
financial statements, the profit or loss of the Group for the financial year.
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether the financial statements have been prepared in accordance with applicable
accounting standards and identify the standards in question, subject to any material departures
from those standards being disclosed and explained in the notes to the financial statements;
and
• prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the Group and Company will continue in business.
The Directors are responsible for ensuring that the company keeps or causes to be kept adequate
accounting records which correctly explain and record the transactions of the company, enable at any
time the assets, liabilities, financial position and profit or loss of the company to be determined with
reasonable accuracy, enable them to ensure that the financial statements and directors’ report comply
with the Companies Act 2014, the Transparency (Directive 2004/109/EC) Regulations 2007 (as
amended) and the Listing Rules of Euronext Dublin and enable the financial statements to be audited.
They have general responsibility for taking such steps as are reasonably open to them to safeguard the
assets of the Group and of the Company, and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial
information included on the Company’s website. Legislation in Ireland governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
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MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
DIRECTORS’ RESPONSIBILITIES STATEMENT (continued)
Responsibility Statement, in accordance with the Transparency Regulations
Each of the Directors, whose names and functions are listed on page 1 confirm that, to the best of each
person’s knowledge and belief:
• The Group and Company financial statements, prepared in accordance with IFRS as adopted
by the EU and FRS 102 respectively, give a true and fair view of the assets, liabilities and
financial position of the Group and Company at 31 December 2025 and the Group’s result for
the financial year then ended; and
• The Directors’ Report contained in the Annual Report includes a fair review of the
development and performance of the business and the position of the Group and Company,
together with a description of the principal risks and uncertainties that they face.
Signed on behalf of the board
_________________________ _________________________
MR. A. GERAGHTY MR. P. BLESSING
Director Director
Date: April 2026
30
Independent auditor’s report to the members of
Magellan Mortgages No.3 Public Limited Company
10
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Magellan Mortgages No.3 PLC (the “Company”) and its
subsidiary (the “Group’’), as contained within the reporting package 549300XNFHD4MIFBUH08-2025-
1231-en.xhtml, which comprise the Consolidated Statement of Financial Position and Company Statement
of Financial Position as at 31 December 2025, and the Consolidated Statement of Comprehensive Income,
the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the
Consolidated Statement of Cash Flows for the financial year then ended, and the related notes to the
financial statements, including the material accounting policy information.
The financial reporting framework that has been applied in the preparation of the Group’s financial
statements is Irish law, including the Commission delegated Regulation 2019/815 regarding European
Single Electronic Reporting Format (“ESEF”) and IFRS Accounting Standards as adopted by the EU
(‘IFRS’) and as regards to the Company financial statements, the Irish law and accounting standards issued
by the Financial Reporting Council including FRS 102 “The Financial Reporting Standard applicable in the
UK and Republic of Ireland” (Generally Accepted Accounting Practice in Ireland) (“the relevant
accounting framework”).
In our opinion, Group’s financial statements:
• give a true and fair view of the assets, liabilities, and financial position of the Group as at 31
December 2025 and of its profit or loss and cash flows for the financial year then ended,
• have been properly prepared in accordance with the relevant accounting framework, and
• have been properly prepared in accordance with the requirements of the Companies Act 2014 and
as regards the consolidated financial statements, Article 4 of the IAS Regulation.
In our opinion, Company’s financial statements:
• give a true and fair view of the assets, liabilities, and financial position of the Company as at 31
December 2025;
• have been properly prepared in accordance with the relevant accounting framework, and
• have been properly prepared in accordance with the requirements of the Companies Act 2014.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (‘ISAs (Ireland))
and applicable law. 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 and Company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in Ireland, including the Ethical Standard for Auditors (Ireland) issued by the Irish
Auditing and Accounting Supervisory Authority (IAASA), and the ethical pronouncements established by
Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the Group
and Company. We have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independent auditor’s report to the members of
Magellan Mortgages No.3 Public Limited Company
11
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of going concern basis of
accounting in the preparation of the financial statements is appropriate. In our evaluation of the Directors’
assessment of the Group and Company’s ability to continue as a going concern basis of accounting we:
• obtained and reviewed the Directors’ formal assessment of going concern, including challenging
the key assumptions to determine whether they are appropriate, such as, but not limited to,
assessing the terms of the debt securities issued, operation of the priorities of payment, and the
limited recourse nature of these securities;
• reviewed post year-end performance and business activities for any indicators of material
uncertainties,
• made enquiries with management and reviewing the board minutes until the date of auditor’s report
in order to understand the future plans and to identify potential contradictory information; and
• assessed the adequacy of the disclosures with respect to the going concern assumption.
Based on the work we performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Group and Company’s ability
to continue as a going concern for the foreseeable future.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in
the relevant sections of this report.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial statements of the current period and include the most significant assessed risks of
material misstatement (whether or not due to fraud) we identified, including those which had the greatest
effect on: the overall audit strategy, the allocation of resources in the audit, and the directing of efforts of
the engagement team. These matters were addressed in the context of our audit of the financial statements
as a whole and in forming our opinion thereon, and therefore we do not provide a separate opinion on
these matters.
Overall audit strategy
We designed our audit by determining materiality and assessing the risks of material misstatement in the
financial statements. In particular, we looked at where the Directors made subjective judgements, for
example, in respect of significant accounting estimates in respect of expected credit losses on financial
assets held at amortised cost that involved making assumptions and considering future events that are
inherently uncertain. We also addressed the risk of management override of internal controls, including
evaluating whether there was any evidence of potential bias that could result in a risk of material
misstatement due to fraud.
Based on our considerations as set out below, our areas of focus included Valuation and Allocation of
Financial assets held at amortised cost.
Independent auditor’s report to the members of
Magellan Mortgages No.3 Public Limited Company
12
Key audit matters (continued)
How we tailored the audit scope
The principal activity of the Group is to invest in a portfolio of mortgage receivables in Portugal, through
an investment in a Portuguese securitisation fund, Fundo de Titularização de Créditos Magellan Tres, FTC
(the “Fund”). The Company is a special purpose vehicle, with listed debt on Euronext Dublin. The
Directors control the affairs of the Group and they are responsible for the overall investment policy which
is determined by them. The portfolio consists of loans originated by Banco Comercial Português S.A. (the
“Servicer”).
We tailored the scope of our audit taking into account the types of investments within the Group, the
involvement of component auditors, the involvement of third-party service providers and the industry in
which the Group operates.
The Directors have delegated certain responsibilities to the Wilmington Trust SP Services (Dublin) Limited
(“Administrator”), including maintenance of the accounting records. The financial statements, which
remain the responsibility of the Directors, are prepared on their behalf by the Administrator.
In establishing the overall approach to our audit we assessed the risk of material misstatement taking into
account the nature, likelihood and potential magnitude of any misstatement. As part of our risk assessment,
we considered the Group’s interaction with the Administrator and Servicer, and we assessed the control
environment in place at the Administrator, including the work performed by the component auditors.
Materiality and audit approach
The scope of our audit is influenced by our application of materiality. We set certain quantitative thresholds
for materiality. These, together with qualitative considerations, such as our understanding of the Group and
Company and its environment, the history of misstatements, the complexity of the Group and Company
and the reliability of the control environment, helped us to determine the scope of our audit and the nature,
timing and extent of our audit procedures, and to evaluate the effect of misstatements, both individually
and on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the Group and Company as follows:
1% Total Assets, €1.45 million as at 31 December 2025. We have applied this benchmark, because Total
Assets was considered to be the most appropriate benchmark on which to base our materiality based on
the activities of the Group and Company and the significance of the assets they hold.
We have set Performance materiality for the Group and Company at €1.09 million (75% of materiality),
having considered our prior year experience of the risk of misstatements, business risks and fraud risks
associated with the entity and its control environment. This is to reduce to an appropriately low level the
probability that the aggregate of uncorrected and undetected misstatements in the financial statements
exceeds materiality for the financial statements as a whole.
We agreed with the Directors that we would report to them misstatements identified during our audit above
5% of materiality as well as misstatements below that amount that, in our view, warranted reporting for
qualitative reasons.
Independent auditor’s report to the members of
Magellan Mortgages No.3 Public Limited Company
13
Key audit matters (continued)
Significant matters identified
The risks of material misstatement that had the greatest effect on our audit, including the allocation of our
resources and effort, are set out below as significant matters together with an explanation of how we tailored
our audit to address these specific areas in order to provide an opinion on the financial statements as a
whole. This is not a complete list of all risks identified by our audit.
Significant matter
Description of Significant Matter and Audit Response
Valuation and
allocation of
financial assets
held at amortised
cost
(Notes 5(e),5(p) 13
and 21(b))
There is a risk that the valuation and allocation of financial assets at amortised cost,
as presented in the Group’s Consolidated statement of financial position as at 31
December 2025, may not be valued in in accordance with the requirements of IFRS.
This matter required significant auditor attention due to the materiality of these
assets to the financial statements and the high degree of management judgement
involved in estimating expected credit losses. Determining the impairment charge
involves subjective assumptions, such as the probability of default, loss given default
ratio and forward looking macro-economic factors which may have a significant
impact on valuation.
Due to the inherent estimation uncertainty and the complexity of the underlying
assumptions and data, we identified the valuation and allocation of financial assets
measured at amortised cost as a key audit matter.
With the assistance of the component audit team, the following audit work has been
performed to address the risks:
• obtained an understanding of controls and process in place and performed
an evaluation of the design and implementation of key controls relevant to
the impairment process on financial assets held at amortised cost;
• obtained details of the loan portfolio as at the financial year end and obtained
independent confirmations of the balance of the loans from the servicer;
• performed roll-forward procedures on the loan portfolio and substantively
tested collections and other movements;
• reviewed and challenged the Directors’ expected credit loss assessment by:
o engaging our internal specialists to review the methodology used to
calculate the impairment provision;
o assessing the key inputs and assumptions including probability of
default, loss given default ratios and forward-looking information
used in the calculation of impairment loss in accordance with the
requirements of IFRS 9;
• performed testing of the accuracy of the staging analysis of loans and
receivables, on a sample basis, which are based off the internal ratings
determined of Banco Comercial Português S.A.; and
• reviewed the financial statements disclosures related to impairment on
financial assets held at amortised cost in line with the requirements of IFRS.
No issues were identified during the course of our audit.
Independent auditor’s report to the members of
Magellan Mortgages No.3 Public Limited Company
14
Other information
The Directors are responsible for the other information. Other information comprises information
included in the annual report, other than the financial statements and the auditor’s report thereon, including
the Directors’ report. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit,
or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether there is a material misstatement in the
financial statements or a material misstatement of the other information. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to
report that fact.
We have nothing to report in this regard.
Opinion on the matters prescribed by the Companies Act 2014
We have obtained all the information and explanations which to the best of our knowledge and belief, we
considered necessary for the purposes of our audit.
In our opinion, the accounting records of the Group and Company were sufficient to permit the financial
statements to be readily and properly audited.
The Consolidated Statement of Financial Position, the Company Statement of Financial Position and the
Consolidated Statement of Comprehensive Income are in agreement with the accounting records and
returns.
In our opinion, based on the work undertaken in the course of our audit:
• the information given in the Directors’ report for the financial year is consistent with the financial
statement
;
and
• the Directors’ report has been prepared in accordance with applicable legal requirements, excluding
the requirements on sustainability reporting in Part 28.
Based on our knowledge and understanding of the Group and Company and its environment obtained in
the course of the audit, we have not identified any material misstatements in the Directors’ report.
Matters on which we are required to report by exception
The Companies Act 2014 requires us to report to you if, in our opinion, the requirements of sections 305
to 312 of the Act, which relate to disclosure of Directors’ remuneration and transactions with Directors,
have not been complied with by the Group and Company. We have nothing to report in this regard.
Independent auditor’s report to the members of
Magellan Mortgages No.3 Public Limited Company
15
Corporate Governance Statement
In our opinion, based on the work undertaken in the course of our audit of the financial statements, the
description of the main features of the internal control and risk management systems in relation to the
financial reporting process, specified for our consideration and included in the Corporate Governance
Statement, is consistent with the financial statements and has been prepared in accordance with section
1373(2)(c) of the Companies Act 2014.
Based on our knowledge and understanding of the Group and Company and its environment obtained in
the course of our audit of the financial statements, we have not identified material misstatements in the
description of the main features of the internal control and risk management systems in relation to the
financial reporting process included in the Corporate Governance Statement.
Responsibilities of the Directors and those charged with governance for the financial statements
As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the
preparation of the financial statements in accordance with the applicable financial reporting framework,
and for such internal control as they determine necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group and Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either intend to liquidate the Group or the
Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group and Company’s financial
reporting process, and for the preparation of financial statements that give a true and fair view.
Auditor’s responsibilities for the audit of the financial statements
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Irish
Auditing and Accounting Supervisory Authority’s website at: https://iaasa.ie/publications/description-of-
the-auditors-responsibilities-for-the-audit-of-the-financial-statements/. This description forms part of our
auditor’s report.
Independent auditor’s report to the members of
Magellan Mortgages No.3 Public Limited Company
16
Auditor’s responsibilities for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk
that material misstatement in the financial statements may not be detected, even though the audit is properly
planned and performed in accordance with the ISAs (Ireland). The extent to which our procedures are
capable of detecting irregularities, including fraud, is detailed below.
The Group and Company is subject to laws and regulations that directly affect the financial statements,
including companies and financial reporting legislation such as Companies Act 2014, the Commission
delegated Regulation 2019/815 regarding European Single Electronic Reporting Format (“ESEF”) and
Euronext Dublin listing rules. We assessed the extent of compliance with these laws and regulations as part
of our procedures on the related financial statement items, including assessing the financial statement
disclosures and agreeing them to supporting documentation when necessary.
The Group and Company is subject to other laws and regulations, for example the Companies Act 2014
and Irish tax legislation where the consequences of non-compliance could have a material impact on
amounts or disclosures in the financial statements, such as through the imposition of fines or litigation.
The primary responsibility for the prevention and detection of irregularities, including fraud, rests with
those charged with governance and management. There is an inherent risk that an audit may not detect all
material misstatements in the financial statements, despite properly planning and performing our audit in
accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-
detection of irregularities, as these may involve collusion, forgery, intentional misrepresentations and
omissions, or the override of internal controls. We are not responsible for preventing non-compliance and
cannot be expected to detect non-compliance with all laws and regulations.
In response to these principal risks, our audit procedures included, but were not limited to:
• Application of professional scepticism throughout the audit;
• Consideration by the audit engagement partner of the experience and expertise of the engagement
team including valuation specialists to ensure that the team had appropriate competence and
capabilities to identify or recognise non-compliance with the laws and regulations.
• Gaining an understanding of the Group and Company’s current activities, the scope of
authorisation and the effectiveness of its control environment to mitigate risks related to fraud.
• Discussion amongst the engagement team in relation to the identified laws and regulations and
regarding the risk of fraud and remaining alert to any indications of non-compliance or
opportunities for fraudulent manipulation of financial statements throughout the audit.
• Evaluating management’s incentives and opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controls).
• Enquiries of Board of Directors on the policies and procedures in place regarding compliance with
laws and regulations, including consideration of known or suspected instances of non-compliance
and whether they have knowledge of any actual, suspected, or alleged fraud.
• Inspection of the Group and Company’s regulatory and legal correspondence and review of
minutes of Directors’ meetings during the year to corroborate enquiries made.
• Identifying and testing journal entries to address the risk of inappropriate journals and
management override of controls.
Independent auditor’s report to the members of
Magellan Mortgages No.3 Public Limited Company
17
Auditor’s responsibilities for the audit of the financial statements (continued)
• Designing audit procedures to incorporate unpredictability around the nature, timing, or extent
of our testing.
• Challenging assumptions and judgements made by management in their significant accounting
estimates, including expected credit losses on financial assets at amortised cost.
• Review of the financial statement disclosures in line with underlying supporting documentation
and inquiries of management.
• Requesting information from component auditors on instances of non-compliance with
laws or regulations that could give rise to a material misstatement of the group financial
statements.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s members, as a body, in accordance with section 391 of the
Companies Act 2014. Our audit work has been undertaken so that we might state to the Company’s
members those matters we are required to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company’s members as a body, for our audit work, for this report, or for the opinions
we have formed.
Report on other legal and regulatory requirements
We were appointed by the Board of Directors on 13 May 2025 to audit the financial statements for the
financial year ended 31 December 2024. The period of total uninterrupted engagement including previous
renewals and reappointments of the firm is 2 years.
We have not provided non-audit services prohibited by the IAASA’s Ethical Standard and have remained
independent of the Group and Company in conducting the audit.
The audit opinion is consistent with the additional report to the Board of Directors.
Sean Ridley
For and on behalf of
Grant Thornton
Chartered Accountants & Statutory Audit Firm
Dublin
Ireland
30 April 2026
18
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025
Year Ended | Year Ended | ||
31 December | 31 December | ||
2025 | 2024 | ||
Note | € | € | |
OPERATING INCOME | |||
Interest income | 6 | ||
Interest expense | 7 | ( | ( |
Net gain/(loss) from derivative financial instruments | 8 | ( | |
Administrative expenses | 9 | ( | ( |
Decrease in allowance for impairment | 13 | ||
OPERATING PROFIT BEFORE TAXATION | |||
Tax on profit on ordinary activities | 10 | ( | ( |
PROFIT FOR THE FINANCIAL YEAR | |||
Other comprehensive income | |||
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR |
19
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| AS AT 31 DECEMBER 2025 | |||
31 December | 31 December | ||
2025 | 2024 | ||
Note | € | € | |
ASSETS | |||
Financial assets measured at amortised cost | |||
Financial Assets at amortised cost | 13 | ||
Other receivables | 14 | ||
Cash and cash equivalents | 12 | ||
Financial assets at fair value through profit or loss | |||
Derivative assets | 11 | ||
TOTAL ASSETS | |||
LIABILITIES | |||
Financial liabilities falling due within one year | |||
Other payables | 15 | ||
Financial liabilities: Due after one year | |||
Debt securities issued | 16 | ||
TOTAL LIABILITIES | |||
EQUITY | |||
Share capital | 19 | ||
Retained earnings | |||
TOTAL EQUITY | |||
TOTAL LIABILITIES AND EQUITY | |||
These financial statements were approved by the Board of Directors on ___ April 2026 and are signed
on their behalf by:
_________________________ _________________________
MR. A. GERAGHTY MR. P. BLESSING
Director Director
30
20
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December
31 December
2025
2024
Note
€
€
ASSETS
Non-current assets
Investment in subsidiary undertaking
13
133,736,146
155,170,042
133,736,146
155,170,042
Current assets
Other receivables
14
832,725
1,346,850
Derivative assets
11
1,197,322
632,433
Cash and cash equivalents
12
9,074,795
9,096,406
11,104,842
11,075,689
TOTAL ASSETS
144,840,988
166,245,731
LIABILITIES
Financial liabilities falling due within one year
Other payables
15
11,517,918
11,772,670
11,517,918
11,772,670
Financial liabilities: Due after one year
Debt securities issued
16
133,283,070
154,433,061
133,283,070
154,433,061
TOTAL LIABILITIES
144,800,988
166,205,731
EQUITY
Share capital
19
40,000
40,000
Retained earnings
-
-
TOTAL EQUITY
40,000
40,000
TOTAL LIABILITIES AND EQUITY
144,840,988
166,245,731
The profit for the financial year ended 31 December 2025 for the Company was €Nil (2024: €Nil).
These financial statements were approved by the Board of Directors on ___ April 2026 and are signed
on their behalf by:
_________________________ _________________________
MR. A. GERAGHTY MR. P. BLESSING
Director Director
30
21
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FINANCIAL YEAR ENDED 31 DECEMBER 2025
Share | Retained | ||
Capital | Earnings | Total | |
€ | € | € | |
Balance as at 1 January 2025 | |||
Profit for the year | |||
Other comprehensive income | |||
Total comprehensive income for the year | |||
Balance as at 31 December 2025 | |||
Balance as at 1 January 2024 | |||
Profit for the year | |||
Other comprehensive income | |||
Total comprehensive income for the year | |||
Balance as at 31 December 2024 |
COMPANY STATEMENT OF CHANGES IN EQUITY
FINANCIAL YEAR ENDED 31 DECEMBER 2025
Share
Capital
Retained
Earnings
Total
€
€
€
Balance as at 1 January 2025
40,000
-
40,000
Profit for the year
-
-
-
Other comprehensive income
-
-
-
Total comprehensive income for the year
-
-
-
Balance as at 31 December 2025
40,000
-
40,000
Balance as at 1 January 2024
40,000
-
40,000
Profit for the year
-
-
-
Other comprehensive income
-
-
-
Total comprehensive income for the year
-
-
-
Balance as at 31 December 2024
40,000
-
40,000
22
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
CONSOLIDATED STATEMENT OF CASH FLOW
FINANCIAL YEAR ENDED 31 DECEMBER 2025
Year Ended
Year Ended
31 December
31 December
2025
2024
Note
€
€
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Operating results before taxation | |||
Adjustments for Decrease in allowance for impairment of loans | 13 | ( | ( |
Interest income | 6 | ( | ( |
Interest expense | 7 | ||
Amortisation of issue cost | 7 | ||
Unrealised (gain)/loss on fair value of interest rate swaps | ( | ||
( | ( | ||
Decrease in other receivables | |||
Increase/(decrease) in other payables | ( | ||
Tax paid | ( | ( | |
Net cash outflow from operating activities | ( | ( | |
Cash flows from investing activities | |||
Principal receipts from mortgage receivables | 13 | ||
Interest received | |||
Net cash inflow from investing activities | |||
Cash flows from financing activities | |||
Redemption of debt securities issued | 16 | ( | ( |
Interest paid | ( | ( | |
Net cash outflow from financing activities | ( | ( | |
Net decrease in cash and cash equivalents | ( | ( | |
Cash and cash equivalents 1 January | 12 | ||
Cash and cash equivalents 31 December | 12 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
23
Name of Subsidiary | Country of | Registered | Nature of the | % Ownership |
Incorporation | Address | Business | ||
Fundo de Titularizacao | Portugal | SGFTC, SA | Securitisation vehicle | 100% of the |
de Creditos Magellan | Rua Castilho, 20 | investing in a | units issued by | |
Tres (the “Fund”) | Lisbon, Portugal | portfolio of mortgage | the Fund | |
receivables in | ||||
Portugal |
2. Basis of preparation
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
24
2. Basis of preparation (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
25
2. Basis of preparation (continued)
(b) Basis of consolidation (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
26
4. New standards, amendments or interpretations (continued)
Standards, | Narrative | Effective Date: |
Interpretations | Annual periods | |
and amendments | beginning on or | |
after | ||
IFRS 18 | Presentation and Disclosure in Financial Statements | 1 January 2027 |
IFRS 19 | Subsidiaries without Public Accountability: Disclosures | 1 January 2027 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
27
5. Summary of material accounting policies (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
28
5. Summary of material accounting policies (continued)
(b) Financial instruments (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
29
5. Summary of material accounting policies (continued)
(c) Financial Assets at amortised cost (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
30
5. Summary of material accounting policies (continued)
(e) Impairment (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
31
5. Summary of material accounting policies (continued)
(e) Impairment (continued)
Scenario | Weightings | |
31 Dec 24 | 31 Dec 25 | |
Central | 60% | 60% |
Upside | 10% | 10% |
Downside | 30% | 30% |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
32
5. Summary of material accounting policies (continued)
(e) Impairment (continued)
Variable | December 2024 Scenario | December 2025 Scenario | Difference | |||
2025 | 2026 | 2025 | 2026 | 2025 | 2026 | |
3 months Euribor | 2.11% | 1.87% | 2.18% | 2.06% | 0.07% | 0.20% |
Employment Growth Rate | 0.77% | 0.70% | 2.23% | 1.14% | 1.46% | 0.44% |
Nominal GDP Growth Rate | 5.49% | 4.67% | 6.03% | 5.41% | 0.55% | 0.75% |
Public Consumption Growth Rate | 1.11% | 0.83% | 1.65% | 1.25% | 0.53% | 0.42% |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
33
5. Summary of material accounting policies (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
34
5. Summary of material accounting policies (continued)
(l) Taxation (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
35
5. Summary of material accounting policies (continued)
(p) Use of significant accounting judgements and estimates (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
36
5. Summary of material accounting policies (continued)
(p) Use of significant accounting judgements and estimates (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
37
Year Ended | Year Ended 31 | |
31 December | December | |
2025 | 2024 | |
€ | € | |
Interest income on Financial Assets at amortised cost | 5,236,196 | 8,356,773 |
5,236,196 | 8,356,773 |
Year Ended 31 | Year Ended | |
December | 31 December | |
2025 | 2024 | |
Interest (expense) on debt securities issued | (5,141,382) | (7,972,527) |
Amortisation of issue costs on debt securities issued | (302) | (718) |
(5,141,684) | (7,973,245) |
Year Ended | Year Ended | |
31 December | 31 December | |
2025 | 2024 | |
€ | € | |
Coupon expense/income | (302,042) | 20,967 |
Unrealised gain/(loss) on fair value of interest rate swaps | 564,889 | (167,501) |
262,847 | (146,534) |
Year Ended | Year Ended | |
31 December | 31 December | |
2025 | 2024 | |
€ | € | |
Fund servicer, custodian and other fees | (238,173) | (281,578) |
Transaction manager fees | (7,226) | (8,389) |
Corporate service provider fees | (27,618) | (28,458) |
Auditor’s remuneration | (88,462) | (82,399) |
Other expenses | (250,076) | (54,382) |
(611,555) | (455,206) |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
38
9. Administrative expenses (continued)
Year Ended | Year Ended | |
31 December | 31 December | |
2025 | 2024 | |
€ | € | |
Audit of entity financial statements (excl. VAT) | 33,750 | 32,500 |
Tax advisory fees (excl. VAT) | 5,000 | 5,000 |
Non audit services | - | - |
38,750 | 37,500 |
Year Ended | Year Ended | |
31 December | 31 December | |
2025 | 2024 | |
€ | € | |
Audit of the group financial statements (excl. VAT) | 33,750 | 32,500 |
Tax advisory fees | - | - |
Non audit services | - | - |
33,750 | 32,500 |
10. Tax on profit on ordinary activities
This Company qualifies as a special purpose vehicle under Section 110, Taxes Consolidation Act
1997. As such, the profits charged to corporation tax are computed in accordance with the
provisions applicable to Schedule D Case I which is taxed at the passive rate of 25%.
There is no Irish tax liability due as there are no gains or losses arising during the financial year.
The subsidiary has incurred Portuguese tax of €80 at the Fund level (2024: €80).
Taxation
Year Ended | Year Ended | |
31 December | 31 December | |
2025 | 2024 | |
€ | € | |
Portuguese tax | 80 | 80 |
Factors affecting tax charge for the year | ||
Corporation taxation has been calculated based on the results for | ||
for the year and the resulting taxation charges are as follows: | ||
Accounting profit | - | - |
Tax at Irish passive rate 25% | - | - |
Portuguese tax at fund level | 80 | 80 |
Current tax charge | 80 | 80 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
39
Group | Company | Group | Company | |
31 December | 31 December | 31 December | 31 December | |
2025 | 2025 | 2024 | 2024 | |
€ | € | € | € | |
Cash and cash equivalents | 13,877,502 | 74,795 | 14,694,593 | 96,406 |
Cash reserve account | - | 9,000,000 | - | 9,000,000 |
Total | 13,877,502 | 9,074,795 | 14,694,593 | 9,096,406 |
Type of contract | Currency | Expiration | Notional | Fair value | Fair value |
assets | (liabilities) | ||||
€ | € | € | |||
Interest rate swap | Euro | May 2058 | 135,287,123 | 1,197,322 | - |
Type of contract | Currency | Expiration | Notional | Fair value | Fair value |
assets | (liabilities) | ||||
€ | € | € | |||
Interest rate swap | Euro | May 2058 | 154,954,736 | 632,433 | - |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
40
Group | Company | Group | Company | |
31 December | 31 December | 31 December | 31 December | |
2025 | 2025 | 2024 | 2024 | |
€ | € | € | € | |
Financial assets at amortised cost | 129,650,830 | - | 150,747,760 | - |
Investment in subsidiary undertaking | - | 133,736,146 | - | 155,170,042 |
129,650,830 | 133,736,146 | 150,747,760 | 155,170,042 | |
Movements during the year: | ||||
At start of year | ||||
Principal | 159,581,319 | 168,444,894 | 182,275,945 | 191,460,971 |
Impairment | (8,833,559) | (13,274,852) | (9,051,851) | (13,493,143) |
Net balance at start of year | 150,747,760 | 155,170,042 | 173,224,094 | 177,967,828 |
Redemptions | (21,351,206) | (21,688,172) | (22,694,626) | (23,016,078) |
Reversal of ECL/impairment | 254,276 | 254,276 | 218,292 | 218,292 |
Net balance at end of year | 129,650,830 | 133,736,146 | 150,747,760 | 155,170,042 |
Principal | 138,230,113 | 146,756,722 | 159,581,319 | 168,444,894 |
Impairment | (8,579,283) | (13,020,576) | (8,833,559) | (13,274,852) |
129,650,830 | 133,736,146 | 150,747,760 | 155,170,042 |
Group | Company | Group | Company | |
31 December | 31 December | 31 December | 31 December | |
2025 | 2025 | 2024 | 2024 | |
€ | € | € | € | |
Accrued interest | 103,723 | 824,893 | 166,693 | 1,346,850 |
Overdue interest | 35,064 | - | 53,146 | - |
Other debtors | 7,832 | 7,832 | - | - |
146,619 | 832,725 | 219,839 | 1,346,850 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
41
Group | Company | Group | Company | |
31 December | 31 December | 31 December | 31 December | |
2025 | 2025 | 2024 | 2024 | |
€ | € | € | € | |
Interest payable on the Notes | 11,453,406 | 11,453,406 | 11,687,756 | 11,687,756 |
Accrued expenses | 60,733 | 64,512 | 1,157 | 5,409 |
Sundry creditors | 35,064 | - | 132,651 | 79,505 |
11,549,203 | 11,517,918 | 11,821,564 | 11,772,670 |
16. Debt securities issued
Group | Company | Group | Company | |
31 December | 31 December | 31 December | 31 December | |
2025 | 2025 | 2024 | 2024 | |
€ | € | € | € | |
Debt Securities issued | ||||
(see note (a) below) | 133,283,070 | 133,283,070 | 154,433,061 | 154,433,061 |
133,283,070 | 133,283,070 | 154,433,061 | 154,433,061 | |
(a) The Notes comprise: | ||||
Amount owing to noteholders | 133,283,541 | 133,283,541 | 154,433,834 | 154,433,834 |
Unamortised issue costs | (471) | (471) | (773) | (773) |
133,283,070 | 133,283,070 | 154,433,061 | 154,433,061 |
(b) Analysed as follows –
Group/Company:
Gross | |||
Proceeds | Issue Costs | Net Proceeds | |
At the date of issue | € | € | € |
Class A | 1,413,750,000 | (1,564,421) | 1,412,185,579 |
Class B | 33,750,000 | (37,347) | 33,712,653 |
Class C | 15,750,000 | (17,429) | 15,732,571 |
Class D | 36,750,000 | (40,667) | 36,709,333 |
Class E | 19,600,000 | (21,689) | 19,578,311 |
Class F | 250,000 | (277) | 249,723 |
1,519,850,000 | (1,681,830) | 1,518,168,170 |
2025 | Cumulative | Cumulative | 31 December | |
Net Proceeds | Redemptions | Amortisation | 2025 | |
€ | € | € | € | |
Class A | 1,412,185,579 | (1,290,200,572) | 1,565,155 | 123,550,162 |
Class B | 33,712,653 | (30,039,222) | 37,286 | 3,710,717 |
Class C | 15,732,571 | (14,018,302) | 17,401 | 1,731,670 |
Class D | 36,709,333 | (32,709,375) | 40,563 | 4,040,521 |
Class E | 19,578,311 | (19,600,000) | 21,689 | - |
Class F | 249,723 | - | 277 | 250,000 |
1,518,168,170 | (1,386,567,471) | 1,682,371 | 133,283,070 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
42
16. Debt securities issued (continued)
2024 | Cumulative | Cumulative | Cumulative | 31 December |
Net Proceeds | Redemptions | Amortisation | 2024 | |
€ | € | € | € | |
Class A | 1,412,185,579 | (1,270,557,929) | 1,564,870 | 143,192,520 |
Class B | 33,712,653 | (29,449,272) | 37,279 | 4,300,660 |
Class C | 15,732,571 | (13,742,992) | 17,398 | 2,006,977 |
Class D | 36,709,333 | (32,066,985) | 40,556 | 4,682,904 |
Class E | 19,578,311 | (19,600,000) | 21,689 | - |
Class F | 249,723 | - | 277 | 250,000 |
1,518,168,170 | (1,365,417,178) | 1,682,069 | 154,433,061 |
(c) The movement on the
Notes during the year was:
Group | Company | Group | Company | |
31 December | 31 December | 31 December | 31 December | |
2025 | 2025 | 2024 | 2024 | |
€ | € | € | € | |
As at start of the year | 154,433,061 | 154,433,061 | 177,059,370 | 177,059,370 |
Redeemed | (21,150,293) | (21,150,293) | (22,627,027) | (22,627,027) |
133,282,768 | 133,282,768 | 154,432,343 | 154,432,343 | |
Amortised issue cost to profit or loss | 302 | 302 | 718 | 718 |
As at end of the year | 133,283,070 | 133,283,070 | 154,433,061 | 154,433,061 |
Maturity analysis: | ||||
> 5 years | 133,283,070 | 133,283,070 | 154,433,061 | 154,433,061 |
133,283,070 | 133,283,070 | 154,433,061 | 154,433,061 |
The Notes are due in May 2058 and the maturity analysis is based on contractual maturity. Refer
to note 21(d) for maturity analysis.
The Notes issued by the Company are limited recourse due to which each class of Noteholder
has the right to receive funds generated from the collateral assets to the extent that funds are
available and the right of each class of Noteholder to receive funds is governed by the priority
order of payments. Accordingly, the Company’s obligation to Noteholders is limited to the net
proceeds upon realisation of the collateral. Should the net proceeds be insufficient to make all
payments due in respect of the Notes, the deficit is borne by the Noteholders according to the
established priorities.
The Notes comprised, at issue, of €1,413.75m Class A Notes, €33.75m Class B Notes, €15.75m
Class C Notes, €36.75m Class D Notes, €19.6m Class E Notes and €0.25m Class F Notes.
• The Class A Notes bear interest at a margin of 26bps per annum over three-month
EURIBOR.
• The Class B Notes bear interest at a margin of 38bps per annum over three-month
EURIBOR.
• The Class C Notes bear interest at a margin of 58bps per annum over three-month
EURIBOR.
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
43
16. Debt securities issued (continued)
31 December 2025 | Class A | Class B | Class C | Class D | Class E | Class F |
Standard & Poor’s | AAA | AAA | AAA | AA | NR | NR |
Moody’s | Aaa | Aa1 | Aa1 | Aa3 | NR | NR |
31 December 2024 | Class A | Class B | Class C | Class D | Class E | Class E |
Standard & Poor’s | AAA | AAA | AAA | AA | NR | NR |
Moody’s | Aaa | Aa1 | Aa1 | Aa3 | NR | NR |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
44
Group | Fair value | Fair value | ||||
through profit | through profit | |||||
or loss | Amortised | Fair value | or loss | Amortised | Fair value | |
2025 | cost 2025 | 2025 | 2024 | cost 2024 | 2024 | |
€ | € | € | € | € | € | |
Financial assets at amortised | ||||||
cost | ||||||
Cash and cash equivalents | - | 13,877,502 | 13,877,502 | - | 14,694,593 | 14,694,593 |
Financial Assets at amortised | ||||||
cost | - | 129,650,830 | 126,206,809 | - | 150,747,760 | 146,861,309 |
Other receivables | - | 146,619 | 146,619 | - | 219,839 | 219,839 |
- | 143,674,951 | 140,230,930 | - | 165,662,192 | 161,775,741 | |
Financial assets at fair value through profit or loss | ||||||
Derivative assets | 1,197,322 | - | 1,197,322 | 632,433 | - | 632,433 |
1,197,322 | 143,674,951 | 141,428,252 | 632,433 | 165,662,192 | 162,408,174 | |
Financial liabilities at amortised cost | ||||||
Debt securities issued | - | 133,283,070 | 129,879,049 | - | 154,433,061 | 150,586,610 |
Other payables | - | 11,549,203 | 11,549,203 | - | 11,821,564 | 11,821,564 |
- | 144,832,273 | 141,428,252 | - | 166,254,625 | 162,408,174 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
45
18. Accounting categorisations and fair values of financial assets and liabilities (continued)
Company | Fair value | Fair value | ||||
through profit | through profit | |||||
or loss | Amortised | Fair value | or loss | Amortised | Fair value | |
2025 | cost 2025 | 2025 | 2024 | cost 2024 | 2024 | |
€ | € | € | € | € | € | |
Financial assets at amortised | ||||||
cost | ||||||
Cash and cash equivalents | - | 9,074,795 | 9,074,795 | - | 9,096,406 | 9,096,406 |
Investment in subsidiary | - | 133,736,146 | 130,292,124 | - | 155,170,042 | 151,283,591 |
Other receivables | - | 832,725 | 832,725 | - | 1,346,850 | 1,346,850 |
- | 143,643,666 | 140,199,644 | - | 165,613,298 | 161,726,847 | |
Financial assets at fair value through profit or loss | ||||||
Derivative assets | 1,197,322 | - | 1,197,322 | 632,433 | - | 632,433 |
1,197,322 | 143,643,666 | 141,396,966 | 632,433 | 165,613,298 | 162,359,280 | |
Financial liabilities at amortised cost | ||||||
Debt securities issued | - | 133,283,070 | 129,879,048 | - | 154,433,061 | 150,586,610 |
Other payables | - | 11,517,918 | 11,517,918 | - | 11,772,670 | 11,772,670 |
- | 144,800,988 | 141,396,966 | - | 166,205,731 | 162,359,280 |
Group | Company | Group | Company | ||
31 December | 31 December | 31 December | 31 December | ||
2025 | 2025 | 2024 | 2024 | ||
Authorised | € | € | € | € | |
40,000 | Ordinary shares | ||||
of €1 each Alotted, called up and fully paid | 40,000 | 40,000 | 40,000 | 40,000 | |
40,000 | Ordinary shares | ||||
of €1 each | 40,000 | 40,000 | 40,000 | 40,000 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
46
20. Related party and certain other transactions (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
47
21. Financial risk management (continued)
(a) Market risk (continued)
Non interest | ||||
Fixed | Floating | bearing | Total | |
31 December 25 | 31 December 25 | 31 December 25 | 31 December 25 | |
€ | € | € | € | |
Assets | - | 144,725,654 | 146,619 | 144,872,273 |
Liabilities | - | (133,283,070) | (11,549,203) | (144,832,273) |
Cumulative interest risk | - | 11,442,584 | (11,402,584) | 40,000 |
Non interest | ||||
Fixed | Floating | bearing | Total | |
31 December 24 | 31 December 24 | 31 December 24 | 31 December 24 | |
€ | € | € | € | |
Assets | - | 166,074,786 | 219,839 | 166,294,625 |
Liabilities | - | (154,433,061) | (11,821,564) | (166,254,625) |
Cumulative interest risk | - | 11,641,725 | (11,601,725) | 40,000 |
Non interest | ||||
Fixed | Floating | bearing | Total | |
31 December 25 | 31 December 25 | 31 December 25 | 31 December 25 | |
€ | € | € | € | |
Assets | - | 144,008,263 | 832,725 | 144,840,988 |
Liabilities | - | (133,283,070) | (11,517,918) | (144,800,988) |
Cumulative interest risk | - | 10,725,193 | (10,685,193) | 40,000 |
Fixed | Floating | Non interest | Total | |
31 December | 31 December | bearing | 31 December | |
24 | 24 | 31 December 24 | 24 | |
€ | € | € | € | |
Assets | - | 164,898,881 | 1,346,850 | 166,245,731 |
Liabilities | - | (154,433,061) | (11,772,670) | (166,205,731) |
Cumulative interest risk | - | 10,465,820 | (10,425,820) | 40,000 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
48
21. Financial risk management (continued)
(a) Market risk (continued)
(i) Interest rate risk (continued)
Group | Company | Group | Company | |
Increase | Increase | Decrease | Decrease | |
31 December 2025 | € | € | € | € |
Debt securities issued | (1,330,335) | (1,330,335) | 1,330,335 | 1,330,335 |
Group | Company | Group | Company | |
Increase | Increase | Decrease | Decrease | |
31 December 2024 | € | € | € | € |
Debt securities issued | (1,541,838) | (1,541,838) | 1,541,838 | 1,541,838 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
49
21. Financial risk management (continued)
(a) Market risk (continued)
Stage 1 | Stage 2 | Stage 3 | Total | |
€ | € | € | € | |
Balance at 01/01/2025 | (14,106) | (108,193) | (8,711,260) | (8,833,559) |
Impairment losses / | 1,594 | 20,658 | 232,024 | 254,276 |
change in loss | ||||
allowance | ||||
Balance at 31/12/2025 | (12,512) | (87,535) | (8,479,236) | (8,579,283) |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
50
21. Financial risk management (continued)
(b) Credit risk (continued)
Stage 1 | Stage 2 | Stage 3 | Total | |
€ | € | € | € | |
Balance at 01/01/2024 | (13,369) | (78,241) | (8,960,241) | (9,051,851) |
Impairment losses / | (737) | (29,952) | 248,981 | 218,292 |
change in loss | ||||
allowance | ||||
Balance at 31/12/2024 | (14,106) | (108,193) | (8,711,260) | (8,833,559) |
Stage 1 | Stage 2 | Stage 3 | Total | |
€ | € | € | € | |
Gross loans and advances to customers | 122,574,616 | 6,194,040 | 9,461,457 | 138,230,113 |
Impairment | (12,512) | (87,535) | (8,479,236) | (8,579,283) |
provisions/loss | ||||
allowance | ||||
Carrying amount | 122,562,104 | 6,106,505 | 982,221 | 129,650,830 |
Loss allowance | 0.01% | 1.41% | 89.62% | 6.21% |
coverage rate |
Stage 1 | Stage 2 | Stage 3 | Total | |
€ | € | € | € | |
Gross loans and advances to customers | 128,947,405 | 20,697,331 | 9,936,583 | 159,581,319 |
Impairment | (14,106) | (108,193) | (8,711,260) | (8,833,559) |
provisions/loss | ||||
allowance | ||||
Carrying amount | 128,933,299 | 20,589,138 | 1,225,323 | 150,747,760 |
Loss allowance | 0.01% | 0.52% | 87.66% | 5.56% |
coverage rate |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
51
21. Financial risk management (continued)
(b) Credit risk (continued)
31 December 2025 | Mortgage loans |
Fair Value | Real Estate |
< 0.5m | |
Number | 5,181 |
Value (€) | 129,824,973 |
31 December 2024 | Mortgage loans |
Fair Value | Real Estate |
< 0.5m | |
Number | 5,691 |
Value (€) | 151,021,037 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
52
21. Financial risk management (continued)
(b) Credit risk (continued)
2025 | 2024 | |
Mortgage Portfolio: | ||
Weighted average interest rate | 3.074% | 3.912% |
Number of loans | 5,181 | 5,691 |
Present LTV (outstanding loan amount/initial valuation) | 36.8% | 38.3% |
Original LTV (initial loan amount/initial valuation) | 73.7% | 73.6% |
Portfolio Trigger Event (maximum 4.5%): Arrears ratio | 0.02% | 0.02% |
Mortgages loans in arrears (> 30 days) | €9,048,209 | €9,295,017 |
No. of loans in arrears | 283 | 284 |
Mortgage loans in arrears (>30 days) | 2025 | 2024 |
€ | € | |
30 – 59 days | 214,066 | 315,569 |
60 – 89 days | 199,806 | 49,083 |
90 – 179 days | 85,565 | 132,786 |
180 – 269 days | 51,413 | 177,146 |
270 – 365 days | 96,581 | 10,491 |
> 365 days | 8,400,778 | 8,609,942 |
9,048,209 | 9,295,017 |
31 December 2025 | |||
Loans average residual | % of Total | ||
Type of Loans | maturity (years) | Interest rate | amount |
Mortgage | 14.11 | Less than 1% | 1.81% |
Mortgage | 13.33 | From 1% to 2% | 3.82% |
Mortgage | 14.93 | From 2% to 3% | 40.43% |
Mortgage | 14.79 | From 3% to 4% | 51.02% |
Mortgage | 14.58 | = or > 5% | 2.92% |
Total | 100.00% |
31 December 2024 | |||
Loans average residual | % of Total | ||
Type of Loans | maturity (years) | Interest rate | amount |
Mortgage | 15.07 | Less than 1% | 1.58% |
Mortgage | 14.35 | From 1% to 2% | 3.36% |
Mortgage | 14.66 | From 2% to 3% | 0.91% |
Mortgage | 15.45 | From 3% to 4% | 29.29% |
Mortgage | 15.61 | = or > 5% | 64.86% |
Total | 100.00% |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
53
21. Financial risk management (continued)
(b) Credit risk (continued)
31 December 2025 | |||
Loans average | % of Total | ||
Originator | residual maturity | No. of loans | Notional amount |
Banco Comercial Português | Less than 5 years | 652 | 4.47% |
Banco Comercial Português | From 5 to 10 years | 1,655 | 24.58% |
Banco Comercial Português | From 10 to 15 years | 773 | 15.93% |
Banco Comercial Português | From 15 to 20 years | 1,728 | 43.22% |
Banco Comercial Português | = or > 25 years | 373 | 11.80% |
Total | 5,181 | 100.00% |
31 December 2024 | |||
Loans average | % of Total | ||
Originator | residual maturity | No. of loans | Notional amount |
Banco Comercial Português | Less than 5 years | 636 | 3.85% |
Banco Comercial Português | From 5 to 10 years | 1,734 | 23.25% |
Banco Comercial Português | From 10 to 15 years | 867 | 15.99% |
Banco Comercial Português | From 15 to 20 years | 1,885 | 41.35% |
Banco Comercial Português | = or > 25 years | 569 | 15.56% |
Total | 5,691 | 100.00% |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
54
21. Financial risk management (continued)
Group | Gross | |||||
Carrying | contractual | Less than | One to | Two to five | More than | |
amount | cash flows | one year | two years | years | five years | |
Debt securities | ||||||
issued | 133,283,070 | 234,799,523 | 3,134,019 | 3,134,019 | 9,402,057 | 219,129,428 |
Other payables | 11,549,203 | 11,549,203 | 11,549,203 | - | - | - |
144,832,273 | 246,348,726 | 14,683,222 | 3,134,019 | 9,402,057 | 219,129,428 |
Company | Gross | |||||
Carrying | contractual | Less than | One to | Two to five | More than | |
amount | cash flows | one year | two years | years | five years | |
Debt securities issued | 133,283,070 | 234,799,523 | 3,134,019 | 3,134,019 | 9,402,057 | 219,129,428 |
Other payables | 11,517,918 | 11,517,918 | 11,517,918 | - | - | - |
144,800,988 | 246,317,441 | 14,651,937 | 3,134,019 | 9,402,057 | 219,129,428 |
Group | Gross | |||||
Carrying | contractual | Less than | One to | Two to five | More than | |
amount | cash flows | one year | two years | years | five years | |
Debt securities | ||||||
issued | 154,433,061 | 351,815,777 | 5,911,117 | 5,911,117 | 17,733,350 | 322,260,193 |
Other payables | 11,821,564 | 11,821,564 | 11,821,564 | - | - | - |
166,254,625 | 363,637,341 | 17,732,681 | 5,911,117 | 17,733,350 | 322,260,193 |
Company | Gross | |||||
Carrying | contractual | Less than | One to | Two to five | More than | |
amount | cash flows | one year | two years | years | five years | |
Debt securities issued | 154,433,061 | 351,815,777 | 5,911,117 | 5,911,117 | 17,733,350 | 322,260,193 |
Other payables | 11,772,670 | 11,772,670 | 11,772,670 | - | - | - |
166,205,731 | 363,588,447 | 17,683,787 | 5,911,117 | 17,733,350 | 322,260,193 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
55
21. Financial risk management (continued)
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
56
21. Financial risk management (continued)
(f) Fair values (continued)
Gr | |||||
Fin | |||||
Cas | |||||
equ | |||||
Fin am | |||||
Oth | |||||
Fin | |||||
De | |||||
Oth | |||||
Level 1 | Level 2 | Level 3 | Total Fair Value | |
31 December 2025 | 2025 | 2025 | 2025 | 2025 |
€ | € | € | € | |
Derivative assets | - | 1,197,322 | - | 1,197,322 |
Total | - | 1,197,322 | - | 1,197,322 |
Level 1 | Level 2 | Level 3 | Total Fair Value | |
31 December 2024 | 2024 | 2024 | 2024 | 2024 |
€ | € | € | € | |
Derivative assets | - | 632,433 | - | 632,433 |
Total | - | 632,433 | - | 632,433 |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
57
21. Financial risk management (continued)
(f) Fair values (continued)
Financial instruments not measured at fair value (continued)
Total | |||||
Total fair | carrying | ||||
Group | Level 1 | Level 2 | Level 3 | value | amount |
2024 | 2024 | 2024 | 2024 | 2024 | |
€ | € | € | € | € | |
Financial assets | |||||
Cash and cash | 14,694,593 | - | - | 14,694,593 | 14,694,593 |
equivalents | |||||
Financial Assets at amortised cost | - | - | 146,861,309 | 146,861,309 | 150,747,760 |
Other receivables | - | 219,839 | - | 219,839 | 219,839 |
14,694,593 | 219,839 | 146,861,309 | 161,775,741 | 165,662,192 | |
Financial liabilities | |||||
Debt securities issued | - | (150,357,155) | (229,455) | (150,586,610) | (154,433,061) |
Other payables | - | (11,821,564) | - | (11,821,564) | (11,821,564) |
- | (162,178,719) | (229,455) | (162,408,174) | (166,254,625) |
Total | |||||
Total fair | carrying | ||||
Company | Level 1 | Level 2 | Level 3 | value | amount |
2025 | 2025 | 2025 | 2025 | 2025 | |
€ | € | € | € | € | |
Financial assets | |||||
Cash and cash | 9,074,795 | - | - | 9,074,795 | 9,074,795 |
equivalents | |||||
Investment in subsidiary | - | - | 130,292,124 | 130,292,124 | 133,736,146 |
undertaking | |||||
Other receivables | - | 832,725 | - | 832,725 | 832,725 |
9,074,795 | 832,725 | 130,292,124 | 140,199,644 | 143,643,666 | |
Financial liabilities | |||||
Debt securities issued | - | (129,659,753) | (219,295) | (129,879,048) | (133,283,070) |
Other payables | - | (11,517,918) | - | (11,517,918) | (11,517,918) |
- | (141,177,671) | (219,295) | (141,396,966) | (144,800,988) |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
58
21. Financial risk management (continued)
(g) Fair values (continued)
Financial instruments not measured at fair value (continued)
Total | |||||
Total fair | carrying | ||||
Company | Level 1 | Level 2 | Level 3 | value | amount |
2024 | 2024 | 2024 | 2024 | 2024 | |
€ | € | € | € | € | |
Financial assets | |||||
Cash and cash | 9,096,406 | - | - | 9,096,406 | 9,096,406 |
equivalents | |||||
Investment in subsidiary | - | - | 151,283,591 | 151,283,591 | 155,170,042 |
undertaking | |||||
Other receivables | - | 1,346,850 | - | 1,346,850 | 1,346,850 |
9,096,406 | 1,346,850 | 151,283,591 | 161,726,847 | 165,613,298 | |
Financial liabilities | |||||
Debt securities issued | - | (150,357,155) | (229,455) | (150,586,610) | (154,433,061) |
Other payables | - | (11,772,670) | - | (11,772,670) | (11,772,670) |
- | (162,129,825) | (229,455) | (162,359,280) | (166,205,731) |
MAGELLAN MORTGAGES NO.3 PUBLIC LIMITED COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2025
59
23. Capital management
Share Capital of €40,000 was issued in line with Irish Company Law and is not used for financing
the investment activities of the Group.
The Group is not subject to any other externally imposed capital requirements.
24. Subsequent events
There were no significant subsequent events since the financial year end up to the date of
approval of the financial statements requiring disclosure or amendment to these financial
statements.
25. Approval of the financial statements
The Board of Directors approved these financial statements on ___ April 2026.
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