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REGISTERED NUMBER: 07305286 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| DRUVA EUROPE LIMITED |

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Director | 5 |

| Report of the Independent Auditors | 7 |

| Profit and Loss Account and other comprehensive income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Notes to the Financial Statements | 14 |

| DRUVA EUROPE LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTOR: | J Singh

| REGISTERED OFFICE: | 6th Floor 9 Appold Street

| London

| United Kingdom

| EC2A 2AP

| REGISTERED NUMBER: | 07305286 (England and Wales)

| AUDITORS: | KNAV Limited

| Ground Floor

| Hygeia Building

| 66-68 College Road

| Harrow

| Middlesex

| HA1 1BE

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present the strategic report for the year ended 31 March 2025.

FAIR REVIEW OF THE COMPANY'S BUSINESS

The Company derives its primary income from Cloud Data Management and Resiliency solutions. The prevailing trends of Cloud-based workloads, business continuity plans, and stringent data protection regulations contribute to expanding its total addressable market. With global cloud spending projections indicating rapid growth, Druva is strategically poised to capitalize on this trend, driving potential revenue and profit generation.

The Company is on a mission to make data resilient, secure, accessible, and actionable for organizations around the world.

The Druva Group pioneered a revolutionary approach to data resiliency with its purpose-built platform that brings the scalability, elasticity, agility, and simplicity of the public cloud to data protection and management. Unlike legacy, hardware-based solutions, the Druva Data Resiliency Cloud is an at-scale Software-as-a-Service ("SaaS") platform that enables organizations of all sizes to protect and manage all their data across every application, location, and cloud.

Radical operational simplicity is a cornerstone of the Company's value proposition. The Druva Group's autonomous platform can be deployed in as few as 20 minutes and does not require its customers to manage data protection hardware and software. The platform's cloud-native architecture, on-demand scaling, and automated solutions reduce the total cost of ownership for the Company's customers and empower developers to build and deploy applications faster.

The following table shows a comparative analysis of the Company's key performance indicators for its most recent fiscal years:

| 31 March 2025 |  | 31 March 2024 |  |

Revenue (£) |  | 18,088,673 |  | 14,292,069 |  |

Gross Profit Margin (%) |  | 76 |  | 90 |  |

Expenses (% of Gross Profit) |  | 98 |  | 98 |  |

Net Profit (£) |  | 325,497 |  | 240,319 |  |

CAGR (Revenue 4 year) |  | 11% |  | 15% |  |

Druva Europe Limited, acting as a limited-risk distributor (LRD) and reseller of Druva Group's products, recorded revenue of £18,088,673 for the year ended 31 March 2025, a 27% increase compared with £14,292,069 in the prior year. The Company's bookings rose by 38% to £20,009,273 (2024: £14,537,357). Over the last four years, the Company has achieved a compound annual growth rate (CAGR) in revenue of 11% (2024: 15%).

Net profit increased by 35% to £325,499 (2024: £240,319), reflecting improved operational performance despite a reduction in gross profit margin from 90% to 76%.

As at 31 March 2025, total gross assets were £13,727,972 (2024: £8,975,598), primarily driven by a £5,394,528 increase in cash and cash equivalents. This growth was partially offset by a £642,155 decrease in trade and other receivables, reflecting stronger sales collection efforts and timely debtor realisation.

Total creditors (amoung falling due within one year and after more than one year) increased to £16,363,635 (2024: £11,973,150), mainly due to higher remaining performance obligations (RPO) from increased bookings and a rise in amounts owed to group undertakings.

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

THE COMPANY'S BUSINESS MODEL

The Company generates substantially all of its revenue through the sale of its cloud-based data protection and management solutions, which it offers as a service via the Druva Data Resiliency Cloud on either a subscription or consumption basis. The Company typically invoices its subscription-based customers annually in advance and the Company recognizes subscription-based revenue ratably over the term of the contract. The Company's subscription contracts are predominantly non-cancellable with terms of one year or longer. Similarly, the Company typically invoices consumption-based customers annually in advance based on their upfront commitments for volume of data to be protected during the contract term, but it does not recognize consumption-based revenue until actual usage of the solution.

The Company's transparent pricing with multi-tiered packages is designed to encourage customers to expand their adoption of its platform by providing them with the flexibility to protect growing volumes of data and numbers of users and workloads, as well as offering them access to a broad suite of add-on features and functionalities. For most of the Company's consumption-based customers, consumption accelerates over the course of the contract term, and many frequently exceed the upfront commitment before the end of the term. When this occurs, the customer typically has the option to amend its existing contract to commit to additional volume for the existing term or to request an early renewal of the contract. When actual consumption during the contract term is less than the upfront commitment, the Company's consumption-based customers generally have the option to roll over a specified percentage of the unused commitment volume to a future term.

DEMAND AND OTHER CONCERNS

Acknowledging the necessity for constant innovation to meet evolving customer needs and industry standards, the Druva Group remains committed to excellence. The Company takes pride in its high customer satisfaction metrics, boasting a recent Net Promoter Score ("NPS") of 91 and the Druva Group's net revenue retention above 100% for the fiscal year ended March 31, 2025. Rigorous market and usability studies guide the Company's innovation process. The central challenge lies in the Company's agility to innovate swiftly, aligning with market trends and outpacing competitors.

FACTORS AFFECTING PERFORMANCE

Acquiring New Customers

The Company's future growth depends, in part, on new customers adopting its platform. The Company's ability to acquire new customers will depend on several factors, including its success in recruiting and scaling its sales and marketing organization and competitive dynamics in its industry and target markets. To capitalize on the Company's market opportunity and industry trends driving increased adoption of cloud-native data protection and management solutions, the Company intends to make significant investments in sales and marketing and the continued development of its platform. The Company expects to grow its direct and partner sales force, focusing on increasing sales to enterprise and mid-market organizations in both its current and new markets. The Druva Group also intends to dedicate additional resources to developing and introducing new features and functionality that enhance the value of its platform.

Expanding Within Existing Customer Base

The Company's future growth also depends, in part, on the continued success of its land-and-expand strategy. New customers often initially adopt the Company's platform for a specific use case and thereafter increase their adoption as they realize the benefits and flexibility of its platform, by adding more users, data and workloads as well as additional platform capabilities. The Company has been successful in expanding its existing customers' adoption of its platform and the Company believes its large base of existing customers represents a significant opportunity to continue to grow its business. The Company plans to continue investing in sales and marketing and platform development to encourage increased adoption by its existing customers and, in particular, its enterprise customers.

The degree of the Company's success in expanding the adoption of its platform among existing customers depends on several factors, including its customers' satisfaction with its platform, competition, pricing, overall changes in its customers' spending levels, the effectiveness of its efforts to help its customers realize the benefits of its platform, and the extent to which customers protect more of their workloads using its platform over time.

Leveraging and Expanding the Partner Network

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Company plans to continue to leverage and expand its industry-leading alliances and strategic reseller relationships, including value-added and corporate resellers, system integrators, partners that white-label its solutions, and managed service providers. The Company believes that increasing channel leverage by investing in sales enablement and co-marketing with its partners will extend and improve its engagement with a broad set of customers. As the Company has expanded its partnerships over time, it has generated an increasing portion of the Company's revenue, and the continued success in leveraging and expanding its partner network may significantly affect its business and operating results.

Continued Investment in Innovation and Technology Leadership

The Company's success depends, in part, on its ability to sustain innovation and technology leadership to maintain a competitive advantage. The Druva Group believes that it has built a differentiated data protection and management platform, and it intends to continue to invest in developing and enhancing its features and functionality to further increase and extend the adoption of its platform. Additionally, the Druva Group will continue to evaluate opportunities to acquire or invest in businesses, solutions, technologies or talent that it believes could complement or expand its platform, enhance its technical capabilities or offer growth opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the following to be the principal risks and uncertainties facing the Company:

- Impact of economic uncertainties on customer budgets and information technology spending.

- Intense competition in the Cloud Solutions for Data Protection and Resiliency sector.

MARKET ANALYSIS

The recent decline in share prices of growth-stage companies serves as a pivotal factor in shaping Druva's strategic objectives. Despite prevailing challenges, the Company maintains low customer churn and targets substantial annual total revenue growth, commonly exceeding 20%. Product pricing dynamics are intricately linked to economic conditions and corporate information technology expenditures, mitigated by strategic partnerships with channel partners.

CONCLUSION

The Company will focus on increasing new bookings and improving the reach of its channel networks. This will drive momentum in concert with expanding sales to its existing customer base.

ON BEHALF OF THE BOARD:

J Singh - Director

30 September 2025

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements of the Company for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the Company is that of providing integrated end point data protection and governance software for enterprise laptops, PCs, smartphones and tablets, together with associated software support.

DIVIDENDS

The directors did not recommend a dividend for the current financial year (2024: £Nil).

DIRECTORS

J Singh has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

M R Patel - resigned 2 January 2025

POLITICAL DONATIONS

There were no political donations given in the period (2024: £Nil).

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

GOING CONCERN

At the balance sheet date, the company had net current liabilities of £1,025,393 (2024: £2,052,713) and net liabilities of £2,635,663 (2024: £2,997,552). Included within creditors is an amount of £3,914,490 (2024: £1,517,191) owed to group companies. Accordingly, the company is dependent on the continued financial support of its group companies and the deferral of repayment of these loans.

Druva Holdings Inc., the company’s ultimate parent undertaking, has provided a letter of support to the director confirming that it will continue to provide financial support for a period of at least 12 months from the date of approval of these financial statements. The director has taken comfort from this letter, noting that the group holds sufficient liquid resources, at the date of approval of these financial statements and the group is also forecasting sales growth over the next year to provide this support. At 31st August 2025, the group had increased its turnover by 18% compared to the same period in the prior year.

On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis and these financial statements do not include any adjustment should this support not be provided.

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company's auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditor is aware of that information.

AUDITORS

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of KNAV Limited as auditors of the Company is to be proposed.

ON BEHALF OF THE BOARD:

J Singh - Director

30 September 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

DRUVA EUROPE LIMITED

Opinion

We have audited the financial statements of Druva Europe Limited (the 'Company') for the year ended 31 March 2025 which comprise the Profit and Loss Account and other comprehensive income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

DRUVA EUROPE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

DRUVA EUROPE LIMITED

Auditors' responsibilities for the audit of the financial statements

Our objectives 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 a Report of the Auditors 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 (UK) 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. The primary responsibility for prevention and detection of fraud rests with both those charged with governance of the entity and management.

Based on our understanding of the Company and industry, discussions with management, we identified Companies Act 2006, Financial Reporting Standard 102, and UK taxation legislation as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:

- enquiry of management about the Company's policies, procedures and related controls regarding compliance with the laws and regulations and if there are any known instances of non-compliance;

- examining supporting documents for all material balances, transactions and disclosures;

- enquiry of management of legal matters having material impact on the business;

- evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions;

- analytical procedures to verify unusual or unexpected relationships;

- testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; and

- review of accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

DRUVA EUROPE LIMITED

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 a Report of the Auditors 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.

Amanjit Singh FCA (Senior Statutory Auditor)

for and on behalf of KNAV Limited

Ground Floor

Hygeia Building

66-68 College Road

Harrow

Middlesex

HA1 1BE

8 October 2025 UAC: 2025-91-UK

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

PROFIT AND LOSS ACCOUNT AND

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

TURNOVER | 3 | 18,088,673 |  | 14,292,069 |  |

Cost of sales | 4,298,745 |  | 1,479,318 |  |

GROSS PROFIT | 13,789,928 |  | 12,812,751 |  |

Administrative expenses | 13,464,431 |  | 12,572,432 |  |

PROFIT BEFORE TAXATION | 5 | 325,497 |  | 240,319 |  |

Tax on profit | 6 | - |  | - |  |

PROFIT FOR THE FINANCIAL YEAR | 325,497 |  | 240,319 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 325,497 |  | 240,319 |  |

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

BALANCE SHEET

31 MARCH 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 7 | 3,232,488 |  | 3,874,643 |  |

Cash and cash equivalents | 10,495,483 |  | 5,100,955 |  |

13,727,971 |  | 8,975,598 |  |

CREDITORS

Amounts falling due within one year | 8 | 14,753,364 |  | 11,028,311 |  |

NET CURRENT LIABILITIES | (1,025,393 | ) | (2,052,713 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (1,025,393 | ) | (2,052,713 | ) |

CREDITORS

Amounts falling due after more than one year | 9 | 1,610,270 |  | 944,839 |  |

NET LIABILITIES | (2,635,663 | ) | (2,997,552 | ) |

CAPITAL AND RESERVES

Called up share capital | 10 | 29,968 |  | 29,968 |  |

Other reserve | 11 | 129,189 |  | 92,797 |  |

Capital contribution reserve | 11 | 6,167,148 |  | 6,167,148 |  |

Retained earnings | 11 | (8,961,968 | ) | (9,287,465 | ) |

SHAREHOLDERS' FUNDS | (2,635,663 | ) | (2,997,552 | ) |

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

J Singh - Director

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |  | Capital |

| share |  | Retained |  | Other |  | contribution |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 April 2023 | 29,968 |  | (9,527,784 | ) | 536,455 |  | 6,167,148 |  | (2,794,213 | ) |

Changes in equity

Total comprehensive income | - |  | 240,319 |  | - |  | - |  | 240,319 |  |

Movement in SBP reserve | - |  | - |  | (443,658 | ) | - |  | (443,658 | ) |

Balance at 31 March 2024 | 29,968 |  | (9,287,465 | ) | 92,797 |  | 6,167,148 |  | (2,997,552 | ) |

Changes in equity

Total comprehensive income | - |  | 325,497 |  | - |  | - |  | 325,497 |  |

Movement in SBP reserve | - |  | - |  | 36,392 |  | - |  | 36,392 |  |

Balance at 31 March 2025 | 29,968 |  | (8,961,968 | ) | 129,189 |  | 6,167,148 |  | (2,635,663 | ) |

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | GENERAL INFORMATION

| Druva Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

2. | ACCOUNTING POLICIES

| Accounting convention

| These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

| The financial statements are prepared in GBP, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| This Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland:

| - |  | The requirements of Section 7 Statement of Cash Flows and paragraph 3.17(d); |

| - |  | The requirements of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments; |

| - |  | The requirements of Section 26 Share Based Payments; |

| - |  | Section 33 'Related Party Disclosures': Transactions entered into with wholly owned subsidiaries within the group. |

| The financial statements of the Company are consolidated in the financial statements of Druva Holdings, Inc. These consolidated financial statements are available from its registered office, 2051 Mission College Blvd, Santa Clara, CA 95054.

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| At the balance sheet date, the company had net current liabilities of £1,025,393 (2024: £2,052,713) and net liabilities of £2,635,663 (2024: £2,997,552). Included within creditors is an amount of £3,914,490 (2024: £1,517,191) owed to group companies. Accordingly, the company is dependent on the continued financial support of its group companies and the deferral of repayment of these loans.

| Druva Holdings Inc., the company’s ultimate parent undertaking, has provided a letter of support to the director confirming that it will continue to provide financial support for a period of at least 12 months from the date of approval of these financial statements. The director has taken comfort from this letter, noting that the group holds sufficient liquid resources, at the date of approval of these financial statements and the group is also forecasting sales growth over the next year to provide this support. At 31st August 2025, the group had increased its turnover by 18% compared to the same period in the prior year.

| On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis and these financial statements do not include any adjustment should this support not be provided.

| Turnover

| Turnover represents the amount of sales and support services provided, excluding value added tax.

| The Company generates revenue from providing data protection services on a subscription or consumption basis. Revenue from subscriptions is recognised evenly over the course of the contract.

| Revenue from consumption is recognised based on the percentage of data consumed during the relevant period.

| Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable and will be recovered.

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Equity instruments

| Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

| Taxation

| Current and deferred tax is charged or credited to the profit and, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

| Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

| Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

| Retirement benefits

| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| Share-based payments

| The ultimate controlling party, Druva Holdings Inc., grants stock-based awards, including stock options and restricted stock units (RSUs), to its employees and those of its subsidiaries. Employee stock options are classified as equity-settled share-based payments and are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, which is generally a term of four years, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

| When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value. The Company recognizes forfeitures as they occur.

| RSUs granted by the ultimate parent vest upon the satisfaction of both a service condition and a liquidity event-related performance condition. The service condition is generally satisfied over four years, while the liquidity event-related performance condition is satisfied upon the earlier of: (1) a sale event for Druva Holdings Inc., or (2) the expiration of the lockup period following an initial public offering (or a similar transaction), subject to the award holder's continued service through that date. As of 31 March 2025, no qualifying liquidity event had been deemed probable. Therefore, stock-based compensation expense for RSUs is recognised only when both the service and performance conditions have been met.

| The contractual term of the stock options and RSUs are 10 years and seven years, respectively.

| Leases

| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

| Foreign exchange

| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the Company.

| An analysis of turnover by class of business is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Data protection and storage | 18,088,673 |  | 14,292,069 |  |

18,088,673 |  | 14,292,069 |  |

| An analysis of turnover by geographical market is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| United Kingdom | 10,234,095 |  | 8,272,616 |  |

| Europe | 6,959,852 |  | 4,707,620 |  |

| Rest of the World | 894,726 |  | 1,311,833 |  |

18,088,673 |  | 14,292,069 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.3.25 |  | 31.3.24

£ | £ |

| Wages and salaries | 8,570,580 |  | 8,542,861 |  |

| Social security costs | 884,395 |  | 818,152 |  |

| Other pension costs | 160,883 |  | 154,889 |  |

9,615,858 |  | 9,515,902 |  |

| The average number of employees during the year was as follows:

| 31.3.25 |  | 31.3.24

| Staff | 44 |  | 41 |  |

| 31.3.25 |  | 31.3.24

£ | £ |

| Directors' remuneration | - |  | - |  |

| Wages and salaries cost in the current year includes sales commissions costs of £3,070,943 (2024: £2,425,399).

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | PROFIT BEFORE TAXATION

| The profit is stated after charging:

| 31.3.25 |  | 31.3.24

£ | £ |

| Other operating leases | 236,625 |  | 216,882 |  |

| Auditors' remuneration | 34,500 |  | 34,500 |  |

| Auditors' remuneration for non audit work | 3,825 |  | 3,825 |  |

| Foreign exchange differences | 217,163 |  | 186,664 |  |

6. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 31 March 2025 nor for the year ended 31 March 2024.

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before tax | 325,497 |  | 240,319 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 81,374 |  | 60,080 |  |

| Effects of:

| Expenses not deductible for tax purposes | 26,776 |  | 26,527 |  |

| Permanent differences due to SBP cost | (4,210 | ) | (153,997 | ) |

| Movement in deferred tax not recognised | (103,940 | ) | 67,390 |  |

| Total tax charge | - |  | - |  |

| Tax losses available to the group total £8,579,452 (2024: £9,006,952). A deferred tax asset has not been recognised on these losses on the basis that future profitability is not certain.

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 2,819,157 |  | 3,423,730 |  |

| Other debtors | 131,126 |  | 120,149 |  |

| Prepayments and accrued income | 282,205 |  | 330,764 |  |

3,232,488 |  | 3,874,643 |  |

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade creditors | 289,001 |  | 221,288 |  |

| Amounts owed to group undertakings | 3,914,490 |  | 1,517,191 |  |

| Taxation and social security | 806,738 |  | 775,460 |  |

| Other creditors | 925 |  | 22,161 |  |

| Deferred income | 8,524,325 |  | 7,479,802 |  |

| Accruals | 1,217,885 |  | 1,012,409 |  |

14,753,364 |  | 11,028,311 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Deferred income | 1,610,270 |  | 944,839 |  |

10. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 31.3.24

| value: | £ | £ |

| 29,968 | Ordinary share | 1 | 29,968 |  | 29,968 |  |

| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. | RESERVES

| Capital |

| Retained |  | Other |  | contribution |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 April 2024 | (9,287,465 | ) | 92,797 |  | 6,167,148 |  | (3,027,520 | ) |

| Profit for the year | 325,497 |  | 325,497 |  |

| Movement in SBP reserve | - |  | 36,392 |  | - |  | 36,392 |  |

| At 31 March 2025 | (8,961,968 | ) | 129,189 |  | 6,167,148 |  | (2,665,631 | ) |

| Other Reserve

| Other reserves comprise the cumulative charge for equity-settled share-based payment awards granted by Druva Holdings Inc., the ultimate parent, to employees of Druva Europe Limited. A charge of £36,392 was recognised during the year, including amounts recharged by Druva Holdings Inc. under the agreement with the Company.

| Capital Contribution Reserve

| On 31 January 2023, Druva Holdings Inc., the ultimate parent, released Druva Europe Limited from intercompany debt of £6,167,148 (outstanding at 31 December 2022). The release has been accounted for as a capital contribution from Druva Holdings Inc.

12. | RETIREMENT BENEFIT SCHEMES

|  | 31.3.25 |  | 31.3.24 |  |

| Defined contribution schemes |  | £ |  | £ |  |

| Charge to profit or loss in respect of defined contribution schemes |  | 160,882 |  | 154,889 |  |

| The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The unpaid pension contribution as at 31 March 2025 is £Nil (2024: £Nil).

13. | OPERATING LEASE COMMITMENTS

| At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

|  | 31.3.25 |  | 31.3.24 |  |

| £ |  | £ |  |

| Within one year |  | 166,599 |  | 215,847 |  |

14. | RELATED PARTY TRANSACTIONS

| The Company has taken advantage of the exemption available within FRS 102 Section 33 not to disclose transactions with wholly owned companies within the group. Key management personnel are considered to be the directors and no transactions were entered into with the directors.

| DRUVA EUROPE LIMITED (REGISTERED NUMBER: 07305286) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

15. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is Druva Singapore Pte. Ltd, a company incorporated in Singapore, and ultimate controlling party is Druva Holdings Inc, a company incorporated in the United States of America and registered at 2051, Mission College Blvd, Santa Clara, CA 95054. Druva Holdings Inc, is the only group of undertakings for which group accounts are drawn up. These accounts are available from its registered office.