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REGISTERED NUMBER: 03335009 (England and Wales)

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| HARMONIC (UK) LTD |

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Report of the Directors | 2 |

Report of the Independent Auditors | 4 |

Statement of Comprehensive Income | 7 |

Balance Sheet | 8 |

Statement of Changes in Equity | 9 |

Notes to the Financial Statements | 10 |

HARMONIC (UK) LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | Mr T C Chu

| Mr W F Jankovic

| SECRETARY: | Mr T C Chu

| REGISTERED OFFICE: | Clifton House

| Bunnian Place

| Basingstoke

| Hampshire

| RG21 7JE

| REGISTERED NUMBER: | 03335009 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Ross Garfitt

| AUDITORS: | Langdowns DFK Limited

| Statutory Auditor

| Fleming Court

| Leigh Road

| Eastleigh

| Southampton

| Hampshire

| SO50 9PD

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of digital and lightwave-based communications systems that deliver video, audio and data over hybrid fibre/coax, satellite and wireless networks. Harmonic's advanced solutions enable cable television and other network operators to provide a range of broadcast and interactive broadband services that include high-speed internet access and video-on-demand.

REVIEW OF BUSINESS

The performance of the company shows steady success, building on the internal restructuring of products and services provided. The company will continue to focus its work as a distribution agent for Harmonic Inc, its ultimate parent company. The company will also continue its work in providing services to other members of the Harmonic Group.

The directors consider the level and trading of the company to be satisfactory. The directors believe that the sector is one that has significant expansion capacity. The directors will look to take the opportunities as and when they arise.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

Mr T C Chu has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mr I B Graham - resigned 5 July 2024

Mr W F Jankovic - appointed 5 July 2024

SECTION 414B EXEMPTION

The strategic report has not been prepared by the company in accordance with the exemption available to the company under section 414B of the Companies Act 2006.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks. The principal risks applicable to the company are credit risk, liquidity risk and interest rate cash flow risk. The company has in place a risk management programme that seeks to limit adverse effects on the financial performance of the company. The policies set by the board of directors are implemented by the company's finance department. The company does not use derivative financial instruments and as such no hedge accounting is applied.

CREDIT RISK

The company has implemented policies that require appropriate credit checks on potential customers before sales are made, however such risk is limited in the main to the ability of the group to settle debts under the agreement.

LIQUIDITY RISK AND INTEREST RATE CASH FLOW RISK

The company's finance facilities are obtained via inter-company funding mechanisms, which are provided on an interest-free basis, although the company has been operating without the need for such finance in recent years. Use of and access to these facilities is designed to ensure that the company has sufficient funds available for operations.

RESULTS FOR THE YEAR

The company's pre tax loss for the year was £125,182 (2023: pre tax loss of £318,596) and sales of £5,664,716 (2023: £6,72,570) were recorded during the year. Net assets of the company as at 31st December 2024 amounted to £7,004,385 (2023: £6,754,136).

GOING CONCERN

The company's ultimate parent company, Harmonic Inc, a company incorporated in the USA, and the company's immediate parent company, Harmonic International GmbH, a company incorporated in Switzerland, have agreed to provide such financial support so as to allow Harmonic (UK) Ltd to meet its liabilities as they fall due and to carry on its business without significant curtailment of operations for the foreseeable future and for at least the next twelve months after the date of approval of these financial statements.

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

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

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

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Langdowns DFK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr T C Chu - Director

30 September 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HARMONIC (UK) LTD

Opinion

We have audited the financial statements of Harmonic (UK) Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of 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 December 2024 and of its loss 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Directors has been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

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 directors' remuneration specified by law are not made; or

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HARMONIC (UK) LTD

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors 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 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 company or to cease operations, or have no realistic alternative but to do so.

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:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with the requirements of the Companies Act 2006 and compliance with health and safety regulations.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, reviewing legal and professional invoices and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

HARMONIC (UK) LTD

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.

Ross Garfitt (Senior Statutory Auditor)

for and on behalf of Langdowns DFK Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

3 October 2025

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 4 | 5,664,716 |  | 6,729,570 |  |

Administrative expenses | 5,932,430 |  | 7,161,637 |  |

OPERATING LOSS | 6 | (267,714 | ) | (432,067 | ) |

Interest receivable and similar income | 142,532 |  | 115,822 |  |

(125,182 | ) | (316,245 | ) |

Interest payable and similar expenses | 7 | 536 |  | 2,351 |  |

LOSS BEFORE TAXATION | (125,718 | ) | (318,596 | ) |

Tax on loss | 8 | 93,733 |  | 129,202 |  |

LOSS FOR THE FINANCIAL YEAR | (219,451 | ) | (447,798 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (219,451 | ) | (447,798 | ) |

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 44,548 |  | 78,151 |  |

CURRENT ASSETS

Debtors | 10 | 6,645,274 |  | 6,765,941 |  |

Cash at bank | 1,042,237 |  | 691,125 |  |

7,687,511 |  | 7,457,066 |  |

CREDITORS

Amounts falling due within one year | 11 | 394,249 |  | 629,356 |  |

NET CURRENT ASSETS | 7,293,262 |  | 6,827,710 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,337,810 |  | 6,905,861 |  |

CREDITORS

Amounts falling due after more than one year | 12 | (133,755 | ) | (151,725 | ) |

PROVISIONS FOR LIABILITIES | 14 | (199,670 | ) | - |  |

NET ASSETS | 7,004,385 |  | 6,754,136 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 2,279,697 |  | 2,279,697 |  |

Contribution from parent | 16 | 6,216,630 |  | 5,746,930 |  |

Retained earnings | 16 | (1,491,942 | ) | (1,272,491 | ) |

SHAREHOLDERS' FUNDS | 7,004,385 |  | 6,754,136 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mr T C Chu - Director

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |  | Contribution |

| share |  | Retained |  | from |  | Total

| capital |  | earnings |  | parent |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 2,279,697 |  | (824,693 | ) | 4,881,853 |  | 6,336,857 |  |

Changes in equity

Total comprehensive income | - |  | (447,798 | ) | 865,077 |  | 417,279 |  |

Balance at 31 December 2023 | 2,279,697 |  | (1,272,491 | ) | 5,746,930 |  | 6,754,136 |  |

Changes in equity

Total comprehensive income | - |  | (219,451 | ) | 469,700 |  | 250,249 |  |

Balance at 31 December 2024 | 2,279,697 |  | (1,491,942 | ) | 6,216,630 |  | 7,004,385 |  |

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Harmonic (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

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

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| The financial statements have been prepared on the going concern basis, as the directors believe that the company and the Group is in a stable position.

| The Group holds strong levels of cash and maintains strong leadership. There are also relatively low fixed costs in the UK and the company have the ability to react to market conditions by varying pricing and if necessary, reducing the fixed costs of the business to match the market.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| Significant judgements and estimates

| In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and the underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The company have made these policies based on the detailed knowledge and understanding that they have of the industry and the business.

| The most significant accounting estimates are in relation to the share based payments which is explained in detail below under share based payments, and the accrued costs in respect of the onerous lease.

| Turnover

| Turnover, which excludes value added tax and trade discounts, represents the invoiced value of goods delivered or services provided.

| Revenue includes product, solution and services sales. Revenue is only recognised when persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the sale price is fixed or determinable and the risk of loss and title has transferred to the customer.

| Product and solution sales are recognised upon shipment, or once all applicable criteria have been met. Product and solution sales invoiced, but not meeting the revenue recognition criteria are recorded as deferred revenue, with related costs incurred held within work in progress.

| Revenue from services is recognised as the services are performed or based on contractual terms. Maintenance services are recognised over the maintenance term, which is typically one year. The costs associated with services are recognised as incurred. The unrecognised revenue portion of maintenance agreements invoiced is recorded as deferred income.

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Leasehold Improvements | - | over 10 years

| Equipment | - | over 3 to 4 years

| Fixtures and fittings | - | over 5 to 10 years

| Computers | - | over 3 years

| All fixed assets are initially recorded at cost.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company contributes to an independently administered separately funded defined contribution pension scheme. Costs of the defined contribution scheme are charged to the profit and loss account at the time the related pensionable pay is charged.

| Financial instruments

| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income.

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | ACCOUNTING POLICIES - continued

| Share based payments

| The company make share based payments in respect of equities of the ultimate parent company, Harmonic Inc. ("HLIT"). Such share based payments are accounted for in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. A detailed policy is documented below from the ultimate parent company's accounts:-

| The company measures and recognises compensation expenses for all share based payments awards made to employees and directors, including stock options, restricted stock units ("RSUs") and stock purchase rights under HLIT's Employee Stock Purchase Plan ("ESPP"), based upon the grant-date fair value of those awards. The company recognises the impact of forfeitures as they occur.

| The fair value of the stock options and stock purchase rights under ESPP is estimated at the grant date, using the Black-Scholes option pricing model. The fair value of the RSUs and performance-related RSUs ("PRSUs") is calculated on the market value of HLIT's stock at grant date.

| The company recognises the share based payments expense for options, RSUs and stock purchase rights under ESPP on a straight-line basis over the requisite service period, which is generally the vesting period. The company regognises the share based payments expense for PRSUs based on the probability of achieving performance criteria, as defined in the PRSU agreements. They estimate the number of PRSUs ultimately expected to vest and recognises expense using the graded vesting attribution method over the requisite service period. Changes in the estimates related to the probability of achieving certain performance criteria and the number of PRSUs expected to vest could significantly affect the share-based payments expense from one period to the next.

4. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the company.

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

| 2024 |  | 2023

£ | £ |

| Intercompany sales | 5,664,716 |  | 6,729,570 |  |

5,664,716 |  | 6,729,570 |  |

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

| 2024 |  | 2023

£ | £ |

| United States of America | 5,664,716 |  | 6,729,570 |  |

5,664,716 |  | 6,729,570 |  |

| Group commissions received by the company were generated from sales from the USA.

5. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 4,262,764 |  | 5,338,185 |  |

| Social security costs | 354,404 |  | 564,426 |  |

| Other pension costs | 161,616 |  | 242,670 |  |

4,778,784 |  | 6,145,281 |  |

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | EMPLOYEES AND DIRECTORS - continued

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

| 2024 |  | 2023

| Technical services and support | 8 |  | 12 |  |

| Sales and marketing | 14 |  | 20 |  |

| Admin/IT | 4 |  | 4 |  |

26 |  | 36 |  |

| Included in Wages & Salaries are costs relating to employee remuneration paid by way of share based payments.

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 782,149 |  | 1,189,659 |  |

| Directors' pension contributions to money purchase schemes | 5,192 |  | 8,500 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | - |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 782,149 |  | 1,189,659 |  |

| Pension contributions to money purchase schemes | 5,192 |  | 8,500 |  |

| The directors are considered to be the key management personnel of the company.

6. | OPERATING LOSS

| The operating loss is stated after charging:

| 2024 |  | 2023

£ | £ |

| Non-recurring establishment costs | 311,600 |  | - |  |

| Other operating leases | 202,424 |  | 171,664 |  |

| Depreciation - owned assets | 26,172 |  | 26,142 |  |

| Foreign exchange differences | 2,517 |  | 5,575 |  |

| Auditors' remuneration - audit of the financial statements | 16,026 |  | 14,988 |  |

| Auditors' remuneration - other services | 2,448 |  | 2,238 |  |

| Operating lease rentals - motor vehicles | 2,565 |  | 7,047 |  |

| Share based payments | 469,700 |  | 865,077 |  |

| The other services undertaken by the company's auditors are analysed as follows:

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Taxation compliance advice |  | 1,410 |  |  | 1,500 |  |

| Company secretarial services |  | 1,038 |  | 738 |  |

|  | 2,448 |  |  | 2,238 |  |

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | 536 |  | 2,351 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the loss for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 93,733 |  | 129,202 |  |

| Tax on loss | 93,733 |  | 129,202 |  |

| UK corporation tax was charged at 23.52%) in 2023.

| Reconciliation of total tax charge included in profit and loss

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

| 2024 |  | 2023

£ | £ |

| Loss before tax | (125,718 | ) | (318,596 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | (31,430 | ) | (74,934 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 120,236 |  | 205,099 |  |

| Capital allowances in excess of depreciation | - |  | (963 | ) |

| Depreciation in excess of capital allowances | 4,927 |  | - |  |

| Total tax charge | 93,733 |  | 129,202 |  |

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Leasehold |  | and |

| Improvements |  | Equipment |  | fittings |  | Computers |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 562,533 |  | 312,582 |  | 45,572 |  | 17,151 |  | 937,838 |  |

| Additions | - |  | - |  | - |  | 4,454 |  | 4,454 |  |

| Disposals | - |  | (154,088 | ) | - |  | (1,874 | ) | (155,962 | ) |

| Impairments | (11,417 | ) | - |  | - |  | - |  | (11,417 | ) |

| At 31 December 2024 | 551,116 |  | 158,494 |  | 45,572 |  | 19,731 |  | 774,913 |  |

| DEPRECIATION

| At 1 January 2024 | 495,227 |  | 308,963 |  | 45,572 |  | 9,925 |  | 859,687 |  |

| Charge for year | 20,924 |  | 1,357 |  | - |  | 3,891 |  | 26,172 |  |

| Eliminated on disposal | - |  | (154,088 | ) | - |  | (1,406 | ) | (155,494 | ) |

| At 31 December 2024 | 516,151 |  | 156,232 |  | 45,572 |  | 12,410 |  | 730,365 |  |

| NET BOOK VALUE

| At 31 December 2024 | 34,965 |  | 2,262 |  | - |  | 7,321 |  | 44,548 |  |

| At 31 December 2023 | 67,306 |  | 3,619 |  | - |  | 7,226 |  | 78,151 |  |

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

2024 | 2023 |

£ | £ |

| Other debtors | 153,730 |  | 228,951 |  |

| Amounts owed from ultimate

| parent company | 6,249,778 |  | 6,426,415 |  |

| VAT | 17,437 |  | 40,439 |  |

| Prepayments and accrued income | 224,329 |  | 70,136 |  |

6,645,274 |  | 6,765,941 |  |

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

2024 | 2023 |

£ | £ |

| Trade creditors | 12,753 |  | 22,766 |  |

| Tax | 79,997 |  | 42,116 |  |

| Social security and other taxes | 58,488 |  | 203,307 |  |

| Other creditors | 17,970 |  | 17,970 |  |

| Accruals and deferred income | 225,041 |  | 343,197 |  |

394,249 |  | 629,356 |  |

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

2024 | 2023 |

£ | £ |

| Other creditors | 133,755 |  | 151,725 |  |

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

13. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 169,690 |  | 162,788 |  |

| Between one and five years | 439,429 |  | 566,320 |  |

609,119 |  | 729,108 |  |

14. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Other provisions | 199,670 |  | - |  |

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 2,279,697 | Ordinary | £1 | 2,279,697 |  | 2,279,697 |  |

16. | RESERVES

| Contribution |

| Retained |  | from |

| earnings |  | parent |  | Totals

£ | £ | £ |

| At 1 January 2024 | (1,272,491 | ) | 5,746,930 |  | 4,474,439 |  |

| Deficit for the year | (219,451 | ) | (219,451 | ) |

| Share based payments | - |  | 469,700 |  | 469,700 |  |

| At 31 December 2024 | (1,491,942 | ) | 6,216,630 |  | 4,724,688 |  |

| The Contribution from parent represents the share based payments made by way of share purchase plans operated through the ultimate parent company.

17. | PENSION COMMITMENTS

| The company pay pension contributions on behalf of it's employees and directors. The total charge in the year was £156.424 (2023 - £242,670). £nil (2023 - £nil) was outstanding in respect of these contributions at the year-end.

18. | ULTIMATE PARENT COMPANY

| Harmonic Inc. (incorporated in The United States of America ) is regarded by the directors as being the company's ultimate parent company.

| Copies of the group consolidated financial statements for the period of Harmonic Inc. can be obtained from the Company Secretary at the registered office at 2590 Orchard Parkway, San Jose, CA 95131, U.S.A.

| Harmonic International GmbH, a company incorporated in Switzerland, is the company's immediate parent company. Copies of the accounts of Harmonic International GmbH are not available as they are consolidated into the group consolidated financial statements of Harmonic Inc., the ultimate parent company, as detailed above.

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

19. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

20. | SHARE BASED PAYMENTS TRANSACTIONS

| The company makes share based payments in respect of equities in its ultimate parent company, Harmonic Inc. ("HLIT"). Details of the rewards made by way of share based payments to employees are as follows per HLIT:-

| 1995 Stock Plan - The 1995 Stock Plan provides for the grant of incentive stock options, non-statutory stock options and res tricted stock units (“RSUs”). Incentive stock options may be granted only to employees. All other awards may be g ranted to employees and non-employees.Under the terms of the 1995 Stock Plan, no incentive stock option or non-statutory stock option may be granted in the ordinary course of business with a per share exercise price that is less than 100% of the fair value of the Company’s common stock on the date of grant. RSUs have no ex ercise price. Both options and RSUs vest over a period of time as determined by the Company’s Board of Directors (the “Board”), generally two to four years, and options expire seven years from the date of grant. Some of the RSUs granted by the Company have performance-based vesting terms, where vesting is depe ndent on achievement of certain financial and nonfinancial operating goals of the Company (performance-ba sed RSUs, or “PRSUs”), or where vesting is dependent on performance of the Company’s total shareholder ret urn (“TSR”) relative to the TSR of the NASDAQ Telecommunication Index (market-based RSUs, or “MRSUs”). Th e fair value of PRSUs is estimated on the date of grant based on the market value of our common stock. I f the performance goals are not met as of the end of the performance period, no compensation expense is reco gnized and any previously recognized compensation expense is reversed. The expected cost is based on the po rtion of the awards that is probable to vest and is reflected over the service period. The fair value of MRSUs subjec t to targeted levels of relative TSR is estimated on the date of grant using a Monte Carlo simulation mode l. Compensation expense is recognized based upon the assumption of 100% achievement of the TSR goal an d will not be reversed even if the threshold level of TSR is never achieved and is reflected over the service per iod. During the fiscal year 2024, the Company granted 77,571 and 329,166 shares of PRSUs and MRSUs, respecti vely.

| The Company’s stockholders approved an amendment to the 1995 Stock Plan at the 2024 Annual Meeting to increase the number of shares of common stock reserved for issuance thereunder by 5,000,000 shares. As of December 31, 2024, an aggregate of 16,492,660 shares of common stock were reserved for issuance under the 1995 Stock Plan, of which 12,723,305 shares remained available for future grants.

| Employee Stock Purchase Plan - The 2002 Employee Stock Purchase Plan (“ESPP”) provides for the issuance of share purchase rights to employees of the Company. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. The ESPP enables employees to purchase shares at 85% of the fair ma rket value of the Common Stock at the beginning or end of the offering period, whichever is lower. Offering periods generally begin on the first trading day on or after January 1 and July 1 of each year. Employees may par ticipate through payroll deductions of 1% to 10% of their earnings. In the event that there are insufficient shares in the plan to fully fund the issuance, the available shares will be allocated across all participants base d on their contributions relative to the total contributions received for the offering period. The Company’s stockh olders approved an amendment to the

| ESPP Plan at the 2024 Annual Meeting to increase the number of shares of common stock reserved for issuance thereunder by 400,000 shares. As of December 31, 2024, 1,061,928 shares were reserved for future purchases by eligible employees. Under the ESPP, 622,004, 733,030 and 817,243 shares were issued during fiscal 2024, 2023 and 2022, respectively, representing $6.6 million, $6.6 million and $5.9 million in contributions.

| Stock Options - All stock options were fully vested and exercised as of December 31, 2022. No stock options were granted in 2024.

| Restricted Stock Units - The fair value of RSUs vested and issued during the years ended December 31, 2024, 2023 and 2022 was $25.6 m illion, $22.5 million and $22.4 million, respectively.

| Valuation Assumptions - The Company estimates the fair value of stock purchase rights under the ESPP using a Black-Scholes option v aluation model. The value of the stock purchase rights under the ESPP consists of: (1) the 15% discount on the purchase of the stock; (2) 85% of the fair value of the call option; and (3) 15% of the fair value of the put option. The call option and put option were valued using the Black-Scholes option pricing model. At the date of grant, th e Company estimated the fair value of each stock purchase right granted under the ESPP using the following weig hted average assumptions:

| Year ended December 31, |  |

|  | 2024 |  | 2023 |  | 2022 |  |

| Expected term (in years) |  | 0.50 |  | 0.50 |  | 0.50 |  |

| Volatility |  | 50% |  | 46% |  | 47% |  |

| Risk-free interest rate |  | 5.3% |  | 5.2% |  | 1.4% |  |

| Expected dividends |  | 0.0% |  | 0.0% |  | 0.0% |  |

HARMONIC (UK) LTD (REGISTERED NUMBER: 03335009)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

| Expected term - The expected term of the stock purchase right under ESPP represents the period of time from the beginning of the offering period to the purchase date. The Company uses its historical volatility for a period equivalent to the expected term to estimate the expected volatility. The risk-free interest rate that the

| Company uses in the Black-Scholes option valuation model is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term. The Company has not paid and does not plan to pay any cash dividends in the foreseeable future.

| The estimated weighted-average fair value per share of stock purchase rights under the ESPP, granted for the years ended December 31, 2024, 2023 and 2022 was $3.76, $4.23 and $2.91, respectively.

| The following table summarises the stock options and restricted stock units activity under the plans in respect of Harmonic (UK) Ltd employees:-

|  | Stock Options |  | Restricted Stock Units* |

|  | Number |  | Weighted Average Exercise Price Per Share |  | Number |  | Weighted Average Grant Value Price Per Share |

| Balance at December 31, 2023 |  | - |  | - |  | 109,415 |  | $12.42 |

| Granted |  | - |  | - |  | 89,116 |  | $13.65 |

| Exercised or released |  | - |  | - |  | (62,246 | ) | $8.96 |

| Forfeited or cancelled |  | - |  | - |  | (97,588 | ) | $9.40 |

| Balance at December 31, 2024 |  | - |  | - |  | 38,677 |  | $12.42 |

| * The preceding table includes PRSUs activities during the year ended December 31, 2024.