Company registration number SC302951 (England and Wales)
WESTON IMPORTERS LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
WESTON IMPORTERS LTD.
COMPANY INFORMATION
Directors
H De Almeida Cedro
M Dos Santos
T David
R Marcal Filho
Secretary
CSC CLS (UK) Limited
Company number
SC302951
Registered office
C/o Brodies LLP Capital Square
58 Morrison Street
Edinburgh
EH3 8BP
Auditor
Ensors
First Floor
Victory House, Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
WESTON IMPORTERS LTD.
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Income statement
10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 32
WESTON IMPORTERS LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The 2025 total reported sales volume increased by 3% when compared 2024, driven by sales to North America and the EU.

The health and safety of our customers, employees, visitors, and suppliers has been our number one priority which has governed and directed our actions throughout this period.

The directors have reviewed the business operations, and with the ongoing support of the ultimate parent company, have developed plans to maintain the sales in world markets and ensure the company improves performance.

The 2025 merger of Marfrig and BRF created MBRF Global Foods, a new multinational protein group with an estimated US$30 billion in annual revenue, positioning it among the largest food companies in the America.

Strategically, the merger combines Marfrig’s strong beef operations, including its U.S.-based National Beef unit, with BRF’s global poultry and pork footprint, forming a diversified protein platform with broad geographic reach. Expected annual synergies of roughly US$160 million reflect opportunities in logistics integration, procurement efficiencies, and cross‑market expansion. With a combined market value of about US$5.1 billion, the new entity becomes Brazil’s second‑largest meat processor after JBS and is positioned to reshape competitive dynamics across key markets in the Middle East, Europe, Asia, and the America.

Principal risk and uncertainties

Food commodity prices

The Company continually monitors commodity prices carefully and utilises forward purchasing agreements and exchange contracts where appropriate to manage the impact of adverse price / exchange movements.

Customer retention

We manage customer retention through the provision of added value services to our customers, improving response times in the supply of products, the prompt & efficient handling of customer queries and ultimately maintaining strong relationships with all external stakeholders.

Development and performance

The Directors consider that the financial position of the Company remains strong. The company continues to maintain a strong financial position with net assets of US$96 million as compared to US$70 million in the prior year.

Key performance indicators

The directors manage and monitor the business using key performance indicators. These are turnover, operating profit margins and pre-tax profit margins.

| 2025 | 2024
| US $’000 | US $’000
Sales | 2,228,754 | 2,161,968
Operating profit | 36,882 | 40,401
% | 1.7% | 1.8%
Pre-tax profit | 140,779 | 105,155
% | 6.3% | 4.8%

Maintaining similar sales revenue, the decrease in operating profit was driven by the movement in bad debt provision and foreign exchange. Following the repayment of JP Morgan and group loans, Weston Importers has reduced finance costs by US$30 million.

The Directors consider that there are no non-financial key performance indicators.

WESTON IMPORTERS LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Section 172(1) of the companies act 2006

The companies (Miscellaneous Reporting) Regulations 2018, requires qualifying companies to publish a statement explaining how the directors have had regard to matters set out in section 172(1)(a) to (f) of the Companies Act 2006 in performing their duties under section 172 of the companies act 2006

In accordance with section 172, the board of directors confirm that they have acted in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders. The paragraphs below summarise how the Directors have had regard to the matters set out in section 172(1) (a) to (f) of the 2006 Act.

The likely long-term consequences of decisions

The company operates with an extended timeline & evaluates the consequences of significant decisions for the business several years into the future. Due consideration is given to the consequences of these decisions on the profitability of the business, the ability to provide a consistently improving environment for employees & the likely developments in local & world markets.

The board closely manage the activities of the business whilst maintaining strong financial disciplines and controls to ensure that whatever the prevailing economic conditions, the business can operate well within available financing facilities.

Need to foster business relationships.

The company is acutely aware of the need to foster & maintain mutually beneficial relationships in order to achieve sustainable business success. Customer relationships are encouraged at all levels of the business, with a focus on customer service at all times. Our strong customer retention indicates that the structure & strategy in place is successful.

The desirability of the group maintaining a reputation of high standards of business conduct

The company is firmly convinced that ethics and transparency in all relations are fundamental issues, and continuously strives to enhance these values by providing employees and target audiences, such as supplies, with instructions and guidelines on good behaviour and good conduct.

We are committed to continually improving our ethical and transparency practices. These efforts are concentrated in our group wide compliance program, which all employees are required to complete on a routine basis.

The interests of the Company's employees

The Company strives to provide a safe & stimulating working environment for its’ employees. Our intention is to provide sustainable employment conditions over time & to have staff benefit from the success of the company in the short & long term. The company aims to be a supporter of local employment & is committed to providing opportunities & training to staff.

We believe that as a significant proportion of our employees have been with the company for an extended period of time, is a testament to the fact that we are meeting these goals.

WESTON IMPORTERS LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Company's operations on the community and the environment

Sustainability is one of our key pillars of the business strategy. Given the importance of this theme, decisions in this area are made by the board of directors, supported by the sustainability committee, formed by specialist in this area.

- Product origin – Aligned with efforts to combat deforestation practices & in order to contribute to biome conservation, the Marfrig Verde+ Program operates through various actions, alongside our supply chain, to ensure that 100% of our suppliers (direct and indirect) operate in deforestation-free areas.

- Climate change – We are the first beef protein company in the America to be included in the CDP’s “A List” in the category of climate change.

- Animal Welfare – In line with NAMI standards, we audit 100% of our slaughterhouses for animal welfare, bringing forward our 2025 target by three years.

- Use of natural resources – With water and wastewater infrastructure management the objective is to generate energy from clean, renewable resources.

- Social responsibility – programs and actions along the supply chain aiming to respect and ensure the proper reconciliation of production with the well-being of employees, as well as communities and traditional populations that live around our operations, aiming to migrate risks and maximize social and economic positive impacts.

The need to act fairly between shareholders

This is at the heart of the culture of the business and the board always seek to ensure fairness between the different members of the group.

T his strategic report was approved by order of the board.

H De Almeida Cedro
Director
30 March 2026
WESTON IMPORTERS LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of the purchase, importation and sales of animal protein food products.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were declared amounting to $103,506,889 for payment to Marfrig Beef (UK) Limited. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

H De Almeida Cedro
M Dos Santos
T David
R Marcal Filho
Financial instruments
Financial risk management

The company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk, exchange risk and interest rate risk. The company along with its ultimate parent has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

The company's policy on funding capacity is to ensure that they always have sufficient long term funding and committed bank facilities in place to meet foreseeable requirements.

All loans and leases arranged by the company are at a fixed rate.

The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

WESTON IMPORTERS LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Exchange rate risk

The company trades with suppliers and customers in a number of foreign currencies which gives rise to exchange rate risk. The company manages this risk by entering into forward contracts with its banks to buy/sell currencies for USD ($).

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual customer is subject to a limit, which is reassessed annually.

Employees

Weston Importers Limited is committed to the principal of equal opportunity in employment and to the health and safety of all employees.

The Company's employment policies for recruitment, selection, training, development and promotion are designed to ensure that no job applicant or employee receives less favourable treatment on the grounds of race, colour, nationality, ethnic or nation origin, religion, age, sex or marital status.

The directors recognise the importance of suitable induction and ongoing training for all employees.

The company is committed to involve all employees in the performance and development of the company. Employees are encouraged to discuss with management matters affecting the day to day running of the company. Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event members of staff becoming disabled every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.

Post reporting date events

There are no post balance sheet events requiring adjustments or disclosure in the financial statements.

Auditor

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company’s auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising. The auditor, Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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 FRS101 Reduced Disclosure Framework (International Financial Reporting Standards (as adopted by the UK) and applicable law). 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.

WESTON IMPORTERS LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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 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.

On behalf of the board
H De Almeida Cedro
Director
30 March 2026
WESTON IMPORTERS LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WESTON IMPORTERS LTD.
- 7 -
Opinion

We have audited the financial statements of Weston Importers Ltd. (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the 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 FRS 10 1 'Reduced Disclosure Framework' (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 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WESTON IMPORTERS LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WESTON IMPORTERS LTD. (CONTINUED)
- 8 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

WESTON IMPORTERS LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WESTON IMPORTERS LTD. (CONTINUED)
- 9 -

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 an auditor's report 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.

Jayson Lawson (Senior Statutory Auditor)
For and on behalf of Ensors, Statutory Auditor
Chartered Accountants
First Floor
Victory House, Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
30 March 2026
WESTON IMPORTERS LTD.
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
$'000
$'000
Revenue
3
2,228,754
2,161,968
Cost of sales
(2,184,999)
(2,117,609)
Gross profit
43,755
44,359
Administrative expenses
(6,872)
(3,958)
Operating profit
4
36,883
40,401
Investment income
8
166,996
160,190
Finance costs
9
(63,099)
(95,436)
Profit before taxation
140,780
105,155
Tax on profit
10
(11,278)
(20,888)
Profit for the financial year
129,502
84,267

The Income Statement has been prepared on the basis that all operations are continuing.

WESTON IMPORTERS LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
$'000
$'000
Profit for the year
129,502
84,267
Other comprehensive income
-
-
Items that will be reclassified subsequently to profit and loss
Total comprehensive income for the year
129,502
84,267
WESTON IMPORTERS LTD.
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
$'000
$'000
$'000
$'000
Non-current assets
Property, plant and equipment
12
146
241
Current assets
Inventories
15
32,830
35,583
Trade and other receivables falling due after more than one year
16
3,123,329
3,114,338
Trade and other receivables falling due within one year
16
339,806
291,941
Cash and cash equivalents
228,571
179,366
3,724,536
3,621,228
Current liabilities
17
(3,525,071)
(1,839,622)
Net current assets
199,465
1,781,606
Total assets less current liabilities
199,611
1,781,847
Non-current liabilities
18
(103,702)
(1,711,927)
Provisions for liabilities
Deferred tax liability
21
4
10
(4)
(10)
Net assets
95,905
69,910
Equity
Called up share capital
23
29,767
29,767
Share premium account
28,799
28,799
Other reserves
(14,762)
(14,762)
Retained earnings
52,101
26,106
Total equity
95,905
69,910
The financial statements were approved by the board of directors and authorised for issue on 30 March 2026 and are signed on its behalf by:
H De Almeida Cedro
Director
Company registration number SC302951 (England and Wales)
WESTON IMPORTERS LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Share premium account
Currency translation reserve
Retained earnings
Total
Notes
$'000
$'000
$'000
$'000
$'000
Balance at 1 January 2024
29,767
28,799
(14,762)
21,839
65,643
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
84,267
84,267
Dividends
11
-
-
-
(80,000)
(80,000)
Balance at 31 December 2024
29,767
28,799
(14,762)
26,106
69,910
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
-
129,502
129,502
Dividends
11
-
-
-
(103,507)
(103,507)
Balance at 31 December 2025
29,767
28,799
(14,762)
52,101
95,905
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Weston Importers Ltd. is a private company limited by shares incorporated in Scotland and domiciled in England and Wales. These financial statements cover the individual entity. The registered office is C/o Brodies LLP Capital Square, 58 Morrison Street, Edinburgh, EH3 8BP. The principal place of business is 10B, Aspen House, Vantage Park, Huntingdon, PE29 6SR. The company's principal activity is the purchase, importation and sale of animal protein food products.

The company's immediate parent company is Marfrig Beef (UK) Limited, incorporated and registered in United Kingdom, which owns 100% of the Company's share capital. It's registered office is C/O Csc Cls (UK) Limited, 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU.

The Company's ultimate parent company is Marfrig Global Foods S.A., incorporated and registered in Brazil. Marfrig Global Foods S.A. is listed on the Brazilian stock exchange.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 101 “Reduced Disclosure Framework" (“FRS 101”) and the requirements of the Companies Act 2006. The recognition, measurement and disclosure requirements of International Financial Reporting Standard as adopted by the UK (UK-adopted IFRS) have been applied to these financial statements and, where necessary, amendments have been made in order to comply with the Companies Act 2006 and The Large and Medium sized Companies and Group Regulations 2008/410 ('Regulations').

The financial statements are prepared in US Dollars ($), which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest $'000.

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

The financial statements contain information about Weston Importers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by s401 of the Companies Act 2006 not to produce consolidated financial statements as it is included in the consolidated accounts of a larger non-UK group.

WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

This company is a qualifying entity for the purposes of FRS 10 1, 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. T he company has therefore taken advantage of exemptions from the following disclosure requirements, as permitted by FRS 101 paragraph 8:

- The requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of paragraph 79(a)(iv) of IAS 1 and paragraph 73(e) of IAS 16 'Property, Plant and Equipment';

- The requirement of IAS 7 ‘Statement of Cash Flows’ and IAS 1 'Presentation of Financial Statements' paragraph 111 relating to the presentation of a Cash Flow Statement;

- The requirement of IFRS 7 'Financial Instruments: Disclosures' relating to the disclosure of financial instruments and the nature and extent of risks arising from such instruments;

- The requirement of IAS 8 'Accounting Policies, Change in Accounting Estimates and and Errors';

- Disclosures of the effect of future accounting standards, amendments, and interpretations in issue but not yet effective;

- The requirement of IFRS 13 'Fair Value Measurement' paragraph 91 to 99 relating to the fair value measurement disclosures of financial assets and financial liabilities that are measured at fair value;

- The requirement of IAS 24 'Related Party Disclosures' paragraph 17 relating to the disclosure of key management personnel compensation, and relating to the disclosure of related party transactions entered into between the Company and other wholly-owned subsidiaries of the group.

The financial statements of the company are consolidated in the financial statements of Marfrig Global Foods S.A. These consolidated financial statements are available from its website www.marfrig.com.br/ir.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Assurances have been obtained from their parent company that amounts repayable on demand to fellow group companies will not be called for repayment if this were to jeopardise the company's ability to continue as a going concern. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The company recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the company's activities, as described below. The company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Trade r evenue

Products are purchased from group companies and sold around the world (including the UK). They are sold by the containers direct to customers and not broken down into pallets. The purchase & sale occur within the same period resulting in no impact on stock. The company is considered principal in these transactions. Risks and rewards pass on shipping.

Core r evenue

Products are purchased from group companies and imported into Europe (mainly UK). The company manages the unloading of products at the port and store s them on pallets at the warehouse. These products have an impact on inventory.

For both trade and core, revenue is recognised at the point that the risks and rewards of the inventory have passed to the customer, which is either at the point of dispatch or on delivery of the products. This varies from customer to customer according to the terms of sale.

WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. When parts of an item of property, plant and equipment have different useful lives, those components are accounted for as separate items of property, plant and equipment.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the term of lease
Fixtures and fittings
40% Straight line
Computers
33% Straight line
Motor vehicles
Straight line over the term of lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The residual value and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date.

1.5
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. Investment income is included in the income statement on an accrual basis.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined on the first in first out basis. Net realisable value represents the estimated selling price less costs to completion and appropriate selling and distribution costs. Provision is made, where necessary, for slow moving, obsolete and defective inventories.

1.8
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.

WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.9
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets

F inancial assets, which include trade and other receivables and cash and bank balances, and loans to fellow group companies 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.

Trade receivables that are transferred out to banks and other financial institutions with recourse to the company are not derecognised until the recourse period has expired and the risks and rewards of the receivables have been fully transferred. The corresponding cash received from the financial institutions is recorded as borrowings.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Financial liabilities

F inancial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at fair value unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.11
Derivatives

The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax is provided using the balance sheet liability method, providing for temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

1.13
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 non-current assets.

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

1.14
Retirement benefits

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

WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.15
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.16
Foreign exchange

Transactions in currencies other than US Dollars 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 are included in the income statement for the period.

Foreign exchange gains and losses that relate to borrowings, cash and cash equivalents are presented in the income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the the income statement within 'other operating income or costs'.

WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Revenue
2025
2024
$'000
$'000
Revenue analysed by class of business
Sales of goods
2,228,754
2,161,968
2025
2024
$'000
$'000
Revenue analysed by geographical market
UK
93,466
84,459
Europe
346,067
243,150
Rest of the world
1,789,221
1,834,359
2,228,754
2,161,968
2025
2024
$'000
$'000
Other revenue
Interest income
166,996
160,190

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
$'000
$'000
Exchange differences
1,262
(1,123)
Depreciation of owned property, plant and equipment
28
19
Depreciation of property, plant and equipment held under leases
68
64
Cost of inventories recognised as an expense
2,143,409
2,065,284
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
$'000
$'000
For audit services
Audit of the financial statements of the company
78
74
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Employees - Administration
10
11

Their aggregate remuneration comprised:

2025
2024
$'000
$'000
Wages and salaries
1,520
1,546
Social security costs
198
197
Pension costs
219
195
1,937
1,938
7
Directors' remuneration
2025
2024
$'000
$'000
Remuneration for qualifying services
669
700
Company pension contributions to defined contribution schemes
24
18
693
718

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
$'000
$'000
Remuneration for qualifying services
669
700
Company pension contributions to defined contribution schemes
24
18
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
8
Investment income
2025
2024
$'000
$'000
Interest income
Interest on bank deposits
5,753
9,064
Interest receivable from group companies
161,243
151,126
Total income
166,996
160,190
9
Finance costs
2025
2024
$'000
$'000
Interest on bank overdrafts and loans
-
4,749
Interest on leases
8
12
Interest on invoice finance arrangements
7,062
9,857
Other interest on financial liabilities
56,029
80,694
Other interest
-
0
124
63,099
95,436
10
Taxation
2025
2024
$'000
$'000
Current tax
UK corporation tax on profits/(losses) for the current period
28,260
26,527
Adjustments in respect of prior periods
(16,515)
(5,708)
Other taxes
1
1
Total UK current tax
11,746
20,820
Foreign exchange adjustment
(462)
57
Total current tax
11,284
20,877
Deferred tax
Origination and reversal of timing differences
(6)
11
Total tax charge
11,278
20,888
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
$'000
$'000
Profit before taxation
140,780
105,155
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
35,195
26,289
Tax effect of expenses that are not deductible in determining taxable profit
282
249
Group relief
(7,223)
-
0
Over provided in prior years
(16,515)
(5,708)
Foreign exchange differences
(462)
57
Other
1
1
Taxation charge for the year
11,278
20,888
11
Dividends
2025
2024
$'000
$'000
Final paid
20,000
-
0
Interim paid
83,507
80,000
103,507
80,000
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
12
Property, plant and equipment
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
$'000
$'000
$'000
$'000
$'000
Cost
At 1 January 2025
271
81
271
192
815
Additions
-
0
-
0
1
-
0
1
At 31 December 2025
271
81
272
192
816
Depreciation and impairment
At 1 January 2025
198
33
238
105
574
Depreciation charged in the year
33
14
20
29
96
At 31 December 2025
231
47
258
134
670
Carrying amount
At 31 December 2025
40
34
14
58
146
At 31 December 2024
73
48
33
87
241

The net carrying value of property, plant and equipment includes the following in respect of right-of-use assets:

2025
2024
$'000
$'000
Leasehold land and buildings
40
73
Fixtures and fittings
20
27
Motor vehicles
58
89
118
189

Depreciation charged in the year on property, plant and equipment includes the following in respect of right-of-use assets:

2025
2024
$'000
$'000
Leasehold land and buildings
33
33
Fixtures and fittings
6
2
Motor vehicles
29
20
68
55
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
13
Fixed asset investments
Movements in non-current investments
Investments
$'000
Cost or valuation
At 1 January 2025 as restated
3,188
Disposals
(61)
At 31 December 2025
3,127
Provision for Impairment
At 1 January 2025
3,188
Disposals
(61)
At 31 December 2025
3,127
Carrying amount
At 31 December 2025
-
At 31 December 2023
-
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
MARB Bondco Plc
C/O Csc Cls (UK) Limited, 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU
Ordinary shares
100.00

There are no restrictions on the company's ability to access or use the assets and settle the liabilities of the company's subsidiaries.

The company's investments in MARB Bondco Plc was fully impaired in a prior year.

During the year, MBC Bondco Limited was dissolved on 12 August 2025. There was no gain or loss on the disposal of investment.

15
Inventories
2025
2024
$'000
$'000
Finished goods and goods for resale
32,830
35,583

The amount of stocks recognised as an expense in the year totalled $2,143,410k (2024: $2,065,282k ).

16
Trade and other receivables
2025
2024
Amounts falling due within one year:
$'000
$'000
Trade receivables
243,515
216,414
Amounts owed by group undertakings
29,773
23,064
Other receivables
65,976
51,574
Prepayments and accrued income
542
889
339,806
291,941
2025
2024
Amounts falling due after more than one year:
$'000
$'000
Amounts owed by group undertakings
3,123,329
3,114,338
Total debtors
3,463,135
3,406,279
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Trade and other receivables
(Continued)
- 28 -

Amounts due from group undertakings includes interest bearing unsecured inter company loans of $3.1 billion (2024 - $3.1 billion) with maturity dates of 2026 and 2027. The coupon rates range from 3% to 7.53%.

Transfer of trade receivables

The company sold with recourse trade receivables to banks for cash proceeds. These trade receivables have not been derecognised from the statement of financial position because the company retains substantially all of the risks and rewards and primarily credit risk. The amount received on transfer has been recognised as other secured financing (see note 1 7). The arrangement with the banks is such that the customers remit cash directly to the company and the company transfers the collected amounts to the banks.

The following information shows the carrying amount of trade receivables at the reporting date that have been transferred but have not been derecognised and the associated liabilities:
2025
2024
$'000
$'000
Carrying amount of trade receivables transferred to bank
228,923
204,096
Carrying amount of associated liabilities
(323,114)
(263,699)
Trade and other receivables are considered past due once they have passed their contracted due date. Trade receivables are reviewed for impairment if they are past due beyond 60 days. At 31 December 2025, $1,336,918 (2024 - $5,043,648) of the company's other receivables were considered past due or impaired.
Reconciliation of provision
2025
2024
$'000
$'000
At 1 January
170
1,416
(Reversal)/additional provision made
(63)
(1,246)
At 31 December
107
170
17
Current liabilities
2025
2024
Notes
$'000
$'000
Obligations under finance leases
20
73
76
Trade payables
1,451
1,175
Amounts owed to group undertakings
3,166,085
1,536,839
Corporation tax
1,207
69
Other taxation and social security
47
42
Derivative financial instruments
818
-
0
Deferred income
27,683
33,203
Other payables
323,114
263,699
Accruals and deferred income
4,593
4,519
3,525,071
1,839,622
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Current liabilities
(Continued)
- 29 -

Included in other payables are funds received of $254 million from Rabobank in respect of trade receivables securitisation arrangement s. The average coupon rate for the arrangement is 3.6608% 3m USD SOFR (2024 - 4.3288% 3m USD Libor).

Included in other payable are funds received of $69m (2024: $51m) from Banco Daycoval in respect of trade receivable factoring. The amounts due to Banco Daycoval mature 42 days from receipt of deposit and carry a discount rate of 0.408%.

Amounts due to group undertakings includes interest bearing unsecured inter company loan of $1.4 billion (2024 - $nil) repayable within one year. The coupon rate for the inter company loan is 4.91%.

18
Non-current liabilities
2025
2024
Notes
$'000
$'000
Lease liabilities
20
57
126
Amounts due to group undertakings
19
103,645
1,711,801
103,702
1,711,927

Amounts due to group undertakings includes interest bearing unsecured inter company loans of $104 million (2024 - $1.7 billion) with maturity dates vary from 2027 to 2029. The coupon rates range from 1.30% to 4.09%.

19
Borrowings
2025
2024
$'000
$'000
Loans due to group undertakings
103,645
1,711,801
Payable after one year
103,645
1,711,801

WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
20
Finance lease obligations
2025
2024
Amounts due:
$'000
$'000
Within one year
73
76
After more than one year
57
126
130
202
2025
2024
Future minimum lease payments due under finance leases:
$'000
$'000
Within one year
73
76
In two to five years
57
126
130
202

Lease payments represent rentals payable by the company for office building, vehicles and office equipment, with lease term 3 to 6 years. With the exception of short-term leases and leases of low-value underlying asserts, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability.

The lease contract for business office is renegotiable for the same term. The leases do not include option to sub-lease the underlying assets.

All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Total cash outflow in respect of leases totalled $80,394 (2024: $74,202).

During the year, interest is charged on lease liabilities, in profit or loss account, of $7,911 (2024: $12,099).

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
$'000
$'000
Accelerated capital allowances
4
10
2025
Movements in the year:
$'000
Liability at 1 January 2025
10
Credit to profit or loss
(6)
Liability at 31 December 2025
4
WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
21
Deferred taxation
(Continued)
- 31 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
$'000
$'000
Charge to profit or loss in respect of defined contribution schemes
219
195

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. There are no amounts owing at the year end.

23
Share capital
2025
2024
$'000
$'000
Ordinary share capital
Issued and fully paid
16,901,296 Ordinary shares of £1 each
29,767
29,767
29,767
29,767

The company's authorised share capital is 50,000,000 ordinary shares of £1 each.

24
Reserves

The following describes the nature and purpose of each reserve within equity:

Reserves Description and purpose

Share capital Nominal value of share capital subscribed for.

Share Premium Amount paid for the Company’s shares in excess of the aggregate

nominal share value.

Currency translation Gains and losses arise due to change in reporting currency.

Retained earnings All other net gains and losses and transactions with owners not recognised

elsewhere.

25
Events after the reporting date

Post year end, the Company has repaid its inter company loans of $40million earlier than maturity date.

The early repayments does not affect the financial statements for the reporting period ended 31 December 2025, as the event occurred after the balance sheet date and is considered a non-adjusting event. Therefore no adjustments have been made to the amounts recognised in the financial statements.

WESTON IMPORTERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
26
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with fellow group undertakings which are not wholly owned members of the group headed by Marfrig Global Foods S.A.

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
$'000
$'000
$'000
$'000
Entities over which the entity has control, joint control or significant influence
44,959
34,941
1,389
64

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
$'000
$'000
Entities over which the entity has control, joint control or significant influence
2,688
1,393
Other information

The Company has taken the exemption not to disclose transactions with its parent undertakings and fellow subsidiary undertakings of any Group company on the grounds that it is a 100% owned subsidiary and the consolidated financial statements of Marfrig Global Foods S.A., in which the company is included, are publicly available.

27
Ultimate controlling party

The immediate parent company is Marfrig Beef (UK) Limited. The ultimate parent undertaking and controlling party is Marfrig Global Foods S.A., a company which is listed on the Brazilian stock exchange.

The smallest and largest group of companies for which the Group accounts are drawn up and of which the company is included is Marfrig Global Foods S.A.

Copies of the Group financial statements can be obtained from its website www.marfrig.com.br/ir.

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