COSOB Regulation No. 25-04 of October 22, 2025, on the Disclosure of Information to be Published by Listed Companies

JOURNAL OFFICIAL OF THE ALGERIAN REPUBLIC No. 12 31 22 Chaâbane 1447 10 February 2026 MINISTRY OF FINANCES Decree of 8 Joumada Ethania 1447 corresponding to 29 November 2025 approving the regulation of the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) No. 25-04 of 30 Rabie Ethani 1447 corresponding to 22 October 2025 regarding the disclosure of information to be published by companies whose securities are listed on the securities exchange. ———— The Minister of Finance, Having regard to Ordinance No. 75-59 of 26 September 1975, as amended and supplemented, establishing the Commercial Code; Having regard to Legislative Decree No. 93-10 of 23 May 1993, as amended and supplemented, relating to the securities exchange; Having regard to Law No. 07-11 of 15 Dhou El Kaâda 1428 corresponding to 25 November 2007, as amended, establishing the financial accounting system; Having regard to Presidential Decree No. 25-241 of 21 Rabie El Aouel 1447 corresponding to 14 September 2025 appointing members of the Government; Decrees:
Article 1. — The regulation of the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) No. 25-04 of 30 Rabie Ethani 1447 corresponding to 22 October 2025 regarding the disclosure of information to be published by companies whose securities are listed on the securities exchange, attached to this decree, is hereby approved.
Art. 2. — This decree shall be published in the Official Journal of the People's Democratic Republic of Algeria.
Done in Algiers, on 8 Joumada Ethania 1447 corresponding to 29 November 2025.
Abdelkrim BOUZRED.
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Regulation of the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) No. 25-04 of 30 Rabie Ethani 1447 corresponding to 22 October 2025 regarding the disclosure of information to be published by companies whose securities are listed on the securities exchange. ———— The President of the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB), Having regard to Ordinance No. 75-59 of 26 September 1975, as amended and supplemented, establishing the Commercial Code; Having regard to Legislative Decree No. 93-10 of 23 May 1993, as amended and supplemented, relating to the securities exchange; Having regard to Law No. 07-11 of 15 Dhou El Kaâda 1428 corresponding to 25 November 2007, as amended, establishing the financial accounting system; Having regard to Law No. 18-07 of 25 Ramadhan 1439 corresponding to 10 June 2018, as amended and supplemented, relating to the protection of natural persons in the processing of personal data; Having regard to the Presidential Decree of 5 Chaâbane 1444 corresponding to 26 February 2023 appointing the President of the Commission for the Organization and Supervision of Stock Exchange Operations; Having regard to the Decree of 29 Ramadhan 1443 corresponding to 30 April 2022, as amended, appointing the members of the Commission for the Organization and Supervision of Stock Exchange Operations; Having regard to COSOB Regulation No. 2000-02 of 14 Chaoual 1420 corresponding to 20 January 2000 relating to information to be published by companies whose securities are listed on the stock exchange; Having regard to COSOB Regulation No. 23-04 of 10 Rabie Ethani 1445 corresponding to 25 October 2023 relating to the general regulations of the securities exchange; After adoption by the Commission for the Organization and Supervision of Stock Exchange Operations, on 30 Rabie Ethani 1447 corresponding to 22 October 2025; Enacts the regulation whose text follows:
Article 1. — The purpose of this regulation is to set the conditions and procedures for the publication and disclosure of information that must be respected by companies whose securities are listed on the stock exchange, hereinafter referred to as "issuers".
Art. 2. — For the purposes of this regulation, the following terms are understood as:
Commission: the Commission for the Organization and Supervision of Stock Exchange Operations, the securities market authority established by Legislative Decree No. 93-10 of 23 May 1993 mentioned above. ARRETES, DECISIONS AND ADVISORIES

32 JOURNAL OFFICIAL OF THE ALGERIAN REPUBLIC No. 12 22 Chaâbane 1447 10 February 2026 Securities Management Company (SGBV): the company responsible for managing transactions in securities admitted to the stock exchange, established by Legislative Decree No. 93-10 of 23 May 1993 mentioned above. Issuer: any legal entity that issues one or more security(ies). Securities: are titles issued by joint-stock companies as defined by Ordinance No. 75-59 of 26 September 1975, as amended and supplemented, mentioned above. Securities Exchange: is an organized market where operations involving securities issued by the State, other public law entities, and joint-stock companies are carried out within the framework of current legislative and regulatory provisions. Investor: any natural or legal person wishing to invest their capital in securities listed on the stock exchange. Financial Disclosure: the legal obligation imposed on the issuer to publish all financial and non-financial information within the time limits and in accordance with the procedures set by legal and regulatory provisions, hereinafter referred to as "disclosure". Regulated Information: any information whose publication and disclosure are prescribed by this regulation or by current legislation, including, in particular, periodic and continuous information. Accurate Information: information faithful to reality, verifiable, and presented without error or omission likely to alter its understanding. Complete and Precise Information: information containing all relevant elements necessary for an informed assessment of the situation, presented in a clear, detailed, and unambiguous manner. Any omission likely to mislead the investor is considered inaccurate information. Sincere Information: information faithfully reflecting economic reality, translating the economic substance of facts beyond their legal form, and based on the accuracy of quantifiable elements as well as the plausibility of qualitative or forward-looking elements. Inside Information: any precise, internal, and unpublished information concerning directly or indirectly an issuer or its securities which, if made public, would be likely to have a significant influence on the price of these securities. Material Information: any information relating to the financial, commercial, or technical situation, activities, or prospects of the issuer regarding the value of its securities, without however constituting inside information. Official Dissemination Channel: the channel approved by the commission guaranteeing the simultaneity, integrity, traceability, and availability of regulated information published by issuers. Financial Disclosure Officer: the person designated by the issuer to ensure compliance, transmission, and dissemination of regulated information to the commission, the SGBV, and the public. Insider: any person having access, by virtue of their position, functions, or relationships, to inside information relating to an issuer or
its securities, which, if made public, would be likely to have a significant influence on the price of these securities. Professional Investor Market: the market reserved for institutional and qualified investors, as defined by COSOB Regulation No. 23-04 of 10 Rabie Ethani 1445 corresponding to 25 October 2023 mentioned above. Electronic Disclosure System (XBRL): it is an open international standard used for financial and commercial reporting. It allows the representation and transmission of data in an electronic form readable automatically by computer systems. This standard is recognized and adopted by the international XBRL organization.
Chapter 1
General Provisions
Art. 3. — Information published by the issuer must be accurate, complete, precise, and sincere.
Any information that contravenes these requirements constitutes a breach of proper information.
Art. 4. — The issuer must set up on its website a clearly identifiable section dedicated to investor information. This section must organize information by category, including financial information, official press releases, important events, periodic reports, and documents of the issuer's governing bodies. Information must be presented in a readable, understandable, and permanently accessible manner without restriction.

JOURNAL OFFICIAL OF THE ALGERIAN REPUBLIC No. 12 33 22 Chaâbane 1447 10 February 2026 Art. 5. — Information is published in open and interoperable electronic formats, facilitating their reuse and electronic archiving. They remain accessible for a minimum period of ten (10) years, from their publication and disclosure. Art. 6. — Regulated information must be published in Arabic and French or in Arabic and English. Art. 7. — Issuers must use an official dissemination channel approved by the commission guaranteeing the simultaneity, integrity, security, and traceability of published information. This dissemination channel may consist of a centralized electronic platform or any other mechanism approved for this purpose by the commission. It may take the structured electronic format, such as the Electronic Disclosure System (XBRL), allowing automatic reading and comparison of data. The procedures for using this channel and its implementation date are fixed by commission instruction. Art. 8. — All investors have an equal and simultaneous right of access to the issuer's information and regulatory documents, including financial statements, management reports, audit reports, minutes of general meetings, and official press releases. Art. 9. — The issuer designates a financial disclosure officer, responsible for ensuring the transmission of information to the commission and the securities management company. He ensures compliance with internal procedures related to the dissemination of regulated information and raises awareness among the issuer's management regarding the associated regulatory obligations. Art. 10. — The financial disclosure officer must have complete and up-to-date knowledge of all applicable obligations and ensure the continuous handling of any matter related to the issuer's regulated information.
Chapter 2
Disclosure of Continuous Information
Art. 11. — The issuer is required to promptly bring to the public's attention any major information or event relating to its organization, financial, commercial, or technical situation which, if made public, would be likely to have a significant influence on the price of its securities. This publication must guarantee equal access to information and simultaneous dissemination to all investors. Art. 12 — An indicative list of facts or information likely to be classified as material information is established by commission instruction. This list is periodically revised by the commission to take into account market developments and best practices in this area. Art. 13. — The significant influence mentioned in Article 11 above may be favorable or unfavorable. The assessment of this influence is the responsibility of the issuer, based on objective criteria such as, for example, the sensitivity of the sector of activity or the strategic nature of the information. The issuer must be able to justify to the commission the elements that formed the basis of this assessment. Art. 14. — The issuer may, under its own responsibility, defer the publication of material information when its immediate disclosure is likely to harm its legitimate interests, provided that strict confidentiality can be guaranteed. Such harm includes, in particular, any situation where publication would:
— jeopardize an ongoing operation (acquisition, divestment, restructuring, capital increase, etc.) ; — risk altering the proper conduct of negotiations or creating a significant competitive disadvantage ; — expose the issuer to a disproportionate legal, financial, or reputational risk. As soon as the circumstances justifying the deferral cease to exist, the issuer is required to immediately publish the concerned information. Art. 15. — The issuer must inform the commission without delay of any decision to defer the publication of material information and provide it with all necessary elements to justify this deferral. The commission may, at any time, require the issuer to immediately publish the information when it considers that the reasons invoked are insufficient or that maintaining the deferral is likely to mislead the public.

34 JOURNAL OFFICIAL OF THE ALGERIAN REPUBLIC No. 12 22 Chaâbane 1447 10 February 2026 Art. 16. — The issuer must keep an internal register of decisions to defer the publication of material information. This register mentions, in particular:
— the nature of the deferred information ;
— the date and time of the decision ;
— the reasons for the deferral ;
— the confidentiality measures put in place ;
— the identity of persons informed internally ; — the date and time of actual publication of the information.
This register is kept for at least five (5) years and made available to the commission upon request.
Art. 17. — The issuer must disclose any material information via an official press release, published simultaneously:
— on its website ;
— on the official dissemination channel approved by the commission ; and — in at least (2) two newspapers with national distribution or electronic ones, one of which must be in Arabic.
The press release is transmitted to the commission prior to its publication.
Art. 18. — The official press release must contain sufficient and precise information allowing investors to appreciate the real scope of the event or fact communicated.
It must be drafted in a neutral style, without exaggerating favorable aspects or minimizing unfavorable elements.
Unfavorable information must be disseminated with the same diligence as favorable information.
Art. 19. — When a rumor circulating on the market, which is not sourced by the issuer, is likely to have a significant influence on the price of its securities, the issuer must publish, without delay, an official press release providing necessary clarifications to confirm or refute the rumor, as soon as it has a notable effect on the price or liquidity of these securities. Art. 20. — When investor protection or the proper functioning of the market requires it, the commission may require the issuer to publish information according to the modalities and time limits it determines. It may also order the publication of a correction or supplementary information, if applicable. Failing this, the commission may proceed with said publication itself, at the issuer's expense. Art. 21. — When the confidentiality of material information risks not being preserved before its publication, the issuer may request the commission for the temporary suspension of the listing of the concerned securities, until the effective dissemination of an official press release. Art. 22. — The issuer is required to conclude with any person having access to confidential information, by virtue of their function or contractual relationships with it, a written commitment providing for non-disclosure and non-use of this information for purposes other than those agreed upon. This commitment aims, in particular, to prevent any risk of insider trading or market manipulation.
Chapter 3
Disclosure of Periodic Information
Section 1
General Provisions
Art. 23. — The disclosure of periodic information includes all documents and data that the issuer is required to publish at regular intervals, in accordance with the periodicity fixed by this regulation and commission instructions. Art. 24. — The commission may request the issuer and, if applicable, its auditor(s), to provide any additional clarification regarding published information, as well as any document or data it deems necessary, within a time limit it sets. Art. 25. — The issuer must, thirty (30) days at minimum before the date of the Extraordinary General Meeting, send to the commission, the securities management company, and shareholders all documents related to the agenda, including the draft resolutions. The issuer must, within the same deadline, publish the agenda and the text of the draft resolutions on its website and in at least two (2) newspapers with national distribution or electronic ones, one of which must be in Arabic, as well as on the official dissemination channel approved by the commission.

JOURNAL OFFICIAL OF THE ALGERIAN REPUBLIC No. 12 35 22 Chaâbane 1447 10 February 2026 Art. 26. — The issuer files with the commission, within a period of fifteen (15) days, from the holding of the Extraordinary General Meeting, the minutes of the meeting. The issuer publishes, within the same deadline, the decisions and resolutions adopted, according to the procedures provided for in Article 25 above. Art. 27. — The commission may order the issuer to make a corrective or supplementary publication in case of omission, inaccuracy, or incomplete information found in published documents. The corrective publication is carried out according to the modalities and time limits fixed by the commission.
Section 2
Disclosure of Annual Information
Art. 28. — The issuer publishes, via official press release, its provisional annual results as soon as they are finalized and, at the latest, within a period of sixty (60) days, from the closing of the fiscal year. The press release must explicitly indicate the provisional nature of the published results. Art. 29. — The issuer files, at the latest, thirty (30) days before the date of the holding of the Ordinary General Meeting, with the commission and the securities management company:
— the annual report established in accordance with a commission instruction ; — the annual financial statements ; — the report of the auditor(s) ; — the text of the draft resolutions presented to shareholders ; — the notice of the general meeting ; — any other information required by the commission by instruction. These documents are simultaneously made available to the public on the issuer's website and on the official dissemination channel approved by the commission. Art. 30. — The annual financial statements include:
— the balance sheet ;
— the income statement ;
— the cash flow statement ;
— the statement of changes in equity ;
— off-balance sheet commitments (for banks and financial institutions) ; — the notes.
These statements are prepared in accordance with the current financial accounting system.
Art. 31. — The annual financial statements cover the last closed fiscal year and are presented in comparison with those of the previous fiscal year.
Art. 32. — The issuer must, thirty (30) days before the date of the holding of the Ordinary General Meeting, publish the financial statements referred to in Article 30 above, as well as the opinion of the auditor(s), in at least two (2) newspapers with national distribution or electronic ones, one of which must be in Arabic. The issuer publishes, within the same deadline, on its website and on the official dissemination channel approved by the commission, the documents mentioned in Article 29 above. Art. 33. — Consolidated financial statements prepared in accordance with current legislation and regulations are filed with the commission and the securities management company and are published according to the same procedures applied to individual financial statements. Art. 34. — The issuer files with the commission, within a period not exceeding fifteen (15) days, from the date of the holding of the Ordinary General Meeting, the minutes of the meeting. The issuer publishes, within the same deadline, an official press release presenting the resolutions adopted and the opinion of the auditor(s), under the conditions provided for in Article 32 above. Art. 35. — In the event of modification of the annual financial statements decided by the general meeting, the issuer must notify the commission of this modification within a period not exceeding two (2) working days following the decision, then transmit the modified financial statements to the commission and the SGBV within a period not exceeding thirty (30) days. The modified financial statements are published under the same conditions as the initial financial statements. Art. 36. — The issuer transmits to the commission and the SGBV, prior to the day of their sending, any document addressed to shareholders.

36 JOURNAL OFFICIAL OF THE ALGERIAN REPUBLIC No. 12 22 Chaâbane 1447 10 February 2026
Section 3
Disclosure of Semi-Annual Information
Art. 37. — The issuer must, within ninety (90) days following the end of the first semester, file with the commission and the securities management company:
— the semi-annual report established in accordance with a commission instruction ; — the semi-annual financial statements ; — the certificate of the auditor(s) ; — any other information required by the commission by instruction. The issuer must, within the same deadline, publish these documents on its website and in at least two (2) newspapers with national distribution or electronic ones, one of which must be in Arabic. The commission may, exceptionally, extend this deadline for duly justified reasons. Art. 38. — The semi-annual financial statements are subject to a limited review by the auditor(s). A certificate confirming the completion of this review, accompanied, if applicable, by any reservations made, must be published in full. Art. 39. — The semi-annual financial statements include:
— the balance sheet ;
— the income statement ;
— the cash flow statement ;
— the statement of changes in equity ;
— off-balance sheet commitments (for banks and financial institutions) ; — the notes.
Art. 40.