CELESTE HOLDINGS, S.A. — 2026 Annual Report

"We remain committed to returning maximum value to shareholders, as we have done approximately twice in the past ninety-six years." — Marcelo Bielsa, Chief Executive Officer (Third Term)

To our valued stakeholders,

Fiscal Year 2025–26 presented Celeste Holdings with both meaningful headwinds and renewed operational conviction. Our Q2 performance — a 5-1 loss to United States Operations in November — prompted an extraordinary press conference in which our CEO publicly described himself as "toxic." The Board found this disclosure unusual. Legal found it inadvisable. The shareholders of three million Uruguayans found it oddly relatable.

We have since stabilized. A 1-1 draw with England (Wembley facility, March 2026) and a goalless result against Algeria suggest our defensive infrastructure remains sound. Our forward pipeline, however, continues to require close monitoring.

Celeste Holdings enters the 2026 fiscal tournament with two World Championships on record (1930, 1950) and a badge displaying four stars — the additional two representing our 1924 and 1928 Olympic titles, which FIFA formally recognizes as senior world championships. This is not the most common accounting practice globally, but it is ours and we stand by it.1

Federico Valverde, 27, Real Madrid, serves as our Chief Revenue Generator and is widely considered among the top five operating midfielders on the global exchange. Valverde has shown consistent output growth since our last major tournament (2022, Qatar), arriving at the 2026 cycle at peak capacity.2

A minor incident with Real Madrid colleague Aurélien Tchouaméni was resolved at the team level prior to the current reporting period. Valverde has publicly noted: "I feel very good. I had the support and affection of all the Real Madrid fans." The Board considers this resolved. Moving on.

Everything runs through the Valverde Division. This is not a strategic metaphor. It is literally how the 4-3-3 formation is structured.

This is the section of the report our investor relations team asked us to rewrite four times.

Darwin Núñez, 25, Al-Hilal, was acquired as the primary successor to our legacy striker asset (see: Suárez, L., Discontinued). Núñez has experienced what analysts describe as a "challenging adaptation period" at his current club. The data supports this characterization.3

Contingency asset: Federico Viñas, Real Oviedo, 9 La Liga goals this season, helped Oviedo win promotion, once quit football at 15. He came back. We respect this energy entirely.

Ronald Araújo (Barcelona), José María Giménez (captain, Atlético de Madrid), and goalkeeper Fernando Muslera (Estudiantes, age 39, 134 international appearances) constitute our legacy defensive core. Muslera has been with this organization since before several of our current shareholders were born.4

The midfield engine room — Rodrigo Bentancur, Manuel Ugarte — adds further structural depth. Naitán Nández, a versatile midfield contributor who performed well during qualifying, was omitted from the final 26-man selection. This decision has been acknowledged and filed under "Bielsa Things."

A brief review of our most instructive prior reporting periods:

FY1930 (Inaugural Year): Celeste Holdings proposed, hosted, and won the very first global championship tournament, defeating Argentina 4–2 in the inaugural final at the Estadio Centenario, Montevideo. We consider this a strong precedent.1

FY1950 (The Maracanazo): Operating in hostile conditions at the Maracanã Stadium, before a recorded attendance of 173,850 — still the highest in football history — we trailed Brazil and won 2–1. We do not yet have a word for what this means to us. We simply show the chart.

FY1954: First operational loss in 30 consecutive unbeaten years at the global stage. We had a good run. We are not bitter about Hungary.

FY2010: Best result in 40 years. Fourth place. Diego Forlán won Player of the Tournament. Our CEO at the time did not call himself toxic.

FY2022 (Qatar): Knocked out in the group stage despite winning our final match against Ghana. The tiebreaker metric was goals scored. We lost to South Korea on that metric by one goal. The irony of a Luis Suárez handball in 2010 being preceded by a Luis Suárez-era being undone by a goal differential is not lost on our legal team.5

The following material risks have been identified for the current operating period:

Risk Factor 1 — Striker Dependency: Darwin Núñez is our primary goal-generating asset. Núñez's form at Al-Hilal during the pre-tournament period has been below analyst consensus. We have disclosed this. We have contingency plans. We are not panicking.

Risk Factor 2 — CEO Conduct: Marcelo Bielsa, 70, has voluntarily disclosed being "toxic." He has led Argentina (2002) and Chile (2010) in prior tournament cycles. This is his third World Cup. The Board notes that despite the self-characterization, Bielsa's tactical architecture — a relentless 4-3-3, high press, zero off-time, the bucket-seat sideline posture — remains operationally sound.2

Risk Factor 3 — Former Asset Exclusion: Luis Suárez, our all-time leading scorer (69 goals in 143 appearances), was omitted after a falling-out with Bielsa at the end of 2024. Suárez subsequently said he would "never say no to the national team." Bielsa said no to the national team's use of Suárez. This filing does not take sides.6

Risk Factor 4 — Scale: Uruguay has a population of approximately 3 million. Approximately 10,000 shareholders are expected to attend games in North America. This represents roughly 0.33% of the national population attending in person. Celeste Holdings considers this extraordinary stakeholder engagement.

Spain represents our most significant competitive counterparty. The Independent assessed Uruguay as "confident of qualifying in second" — a projection our investor relations team is choosing to treat as optimistic.7 A top-two finish in Group H would route us into the Round of 16 against the Group J runner-up (from the Argentina/Algeria/Austria/Jordan pool).

This annual report contains forward-looking statements regarding Celeste Holdings' tournament objectives. The Uruguayan Football Association has publicly stated a target of reaching the quarter-finals.

This report would like to note that the quarter-finals would require us to win three matches. Two of those matches would need to come before we face Spain. Based on FY2022 performance, no operational outcome should be assumed until the final whistle of the final match.

We are Garra Charrúa. We will fight until the numbers no longer allow it, and sometimes past that point, and occasionally using our hands when strictly necessary.