Financial Transparency Mechanisms As a Swiss foundation, the Cardano Foundation adheres to rigorous governance and financial management principles, ensuring that its resources are managed prudently and aligned with long-term ecosystem benefit. Financial oversight is supported by internal controls, Swiss regulatory requirements, and independent audit assurance. Additionally, unlike commercial organizations driven by shareholder dividend cycles, the Foundation model allows to prioritize ecosystem resilience, infrastructure durability, and the long-term viability of Cardano as public digital infrastructure. The Foundation’s assets were established to support this long-term mission, and financial management focuses on maintaining a sustainable balance between expenditures, income streams, and reserves. Income generated through ecosystem participation, including staking rewards, contributes to operational continuity while preserving the Foundation’s ability to support strategic initiatives over extended time horizons. This stewardship model ensures financial decisions remain aligned with ecosystem impact rather than short-term market conditions. In 2025, financial transparency advanced further through two complementary mechanisms: For the second year, financial data was published through Reeve, enabling cryptographic verification of financial records on the Cardano blockchain. For the first time, the outcome of the independent audit was attested on-chain by Grant Thornton Switzerland and published on-chain in tandem with the financial results. Together, these measures combine traditional audit assurance with blockchain-native verification, reinforcing the Foundation’s commitment to verifiable truth beyond simple transparency. Swiss statutory accounting and independent audit Financial statements are prepared in accordance with the applicable accounting standard of the Swiss Code of Obligations. An independent external auditor conducts a yearly statutory audit of the Foundation’s financial statements in accordance with applicable Swiss auditing standards. Blockchain-based financial verification via Reeve Through Reeve, treasury balances, accounting records, and financial disclosures are recorded in a verifiable format on the Cardano blockchain, providing: Immutable records Independent verifiability Public transparency Financial transparency in 2025 is supported through a dual-layer assurance model: In 2025, in addition to the regular audit report, the financial disclosures have also been attested on-chain by Grant Thornton Switzerland, combining traditional audit assurance with blockchain- native verification. This approach reflects the Foundation’s belief that blockchain infrastructure can strengthen established governance and assurance models rather than replace them. 26 Cardano Foundation Financial Insights Report 2025 QR codes in this report provide direct access to the financial data recorded through Reeve and to the audit attestation. On-Chain Financial Statements 2025 CF On-chain Accounts via Reeve