Company registration number 00159809 (England and Wales)
ATLAS COPCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ATLAS COPCO LIMITED
COMPANY INFORMATION
Directors
D Chambers
J McAllister
H Sahin Kocas
(Appointed 16 March 2026)
B Leempoels
(Appointed 31 March 2026)
Company number
00159809
Registered office
Technology House
Maylands Avenue
Hemel Hempstead
HP2 7DF
Auditor
Ernst & Young LLP
Citygate
St James' Boulevard
Newcastle Upon Tyne
NE1 4JD
Bankers
Skandinaviska Enskilda Banken
1 Carter Lane
London
EC4V 5AN
Solicitors
Reynolds Porter Chamberlain
Tower Bridge House
St Katherine's Way
London
E1W 1AA
ATLAS COPCO LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 10
Directors' responsibilities statement
11
Independent auditor's report
12 - 14
Statement of comprehensive income
15
Statement of financial position
16 - 17
Statement of changes in equity
18
Notes to the financial statements
19 - 46
ATLAS COPCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their Strategic Report for the year ended 31 December 2025.

The C ompany has chosen in accordance with Section 414C(ii) of the Companies Act 2006 to set out in the Company strategic report the following which the directors believe to be of strategic importance:

- Business review

- Financial key performance indicators

- Corporate social responsibility

Overview and objectives

Atlas Copco Limited is a part of the Atlas Copco Group (the "Group"), which is a world-leading provider of sustainable productivity solutions. The Group serves customers in more than 180 countries with products and service focused on productivity, energy efficiency, safety and ergonomics. Its vision is to become and remain 'First in Mind-First in Choice' for all of its stakeholders. This principle also drives the Group's strategy which is to create positive value for customers, shareholders and employees in an increasingly resource-constrained world.

Operations in the UK are based in Hemel Hempstead, Hertfordshire. The Company comprises four business areas: Compressor Technique, Power Technique, Industrial Tools and Rental. Our portfolio consists of diesel and electric compressors, generators, lighting towers, pumps, industrial tools and rental and assembly systems, industrial rental - all supported by a nationwide sales, distribution, service and maintenance network.

Business model

Sales, service and equipment rental

Customer focus is a guiding principle for Atlas Copco Limited. We aim to have close relationships with our customers and to help them increase their productivity in a sustainable way. Sales and service is primarily direct, but complemented by alternative sales channels, e.g. through distributors, to maximise presence in the market.

Investments in fixed assets and working capital

Most investments are related to machining equipment for rental activities and to production facilities primarily for assembly operations.

Acquisitions

Acquisitions are primarily focused on, or very close to, the already existing core businesses. All divisions are required to map and evaluate businesses that are adjacent and can offer tangible synergies with the existing businesses. All acquired businesses are expected to make a positive contribution to economic value added.

Risk management

Centralised Group functions provide us with support in establishing financial policies and guidelines to manage risks. Information as to how we identify and manage risks is set out in the Atlas Copco Annual Report 202 5 (Group Accounts). Follow https://www.atlascopcogroup.com/en/investor-relations/financial-reports-presentations for the annual report.

ATLAS COPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Business review

In 2025, the Compressor Technique business area maintained stable order levels following the slowdown experienced in 2024. While the UK manufacturing sector continued to face economic uncertainty and cautious investment patterns, we focused on strengthening customer relationships and delivering value through innovation and service excellence. We successfully integrated the acquisition made in 2022 - Glaston Compressor Services Ltd. into our operations, ensuring seamless collaboration while preserving its local expertise. Glaston now operates as part of our extended service network, further enhancing our nationwide customer support capabilities. During the year, all acquisitions relating to the Compressor Technique business area were made by Atlas Copco UK Holding. This includes the acquisition of Anglian Compressors and Equipment Limited, a leading compressed air distributor based in Peterborough, Cambridgeshire. Founded in 1977, Anglian employs 28 people and offers compressors, gas generators, chillers, and energy‑saving solutions to manufacturers and industries reliant on compressed air and associated systems. These acquired businesses will be fully integrated into Atlas Copco Compressors during 2026, ensuring unified operations, shared systems, and strengthened customer service processes. By year‑end, our Atlas Copco Compressors team comprised approximately 420 employees, including 150 service engineers and 65 sales representatives, reflecting our continued investment in service capability, market coverage, and customer support. Customer experience remained a top priority. Building on initiatives launched in the prior year, we continued to improve sustainability performance, achieving further reductions in water and gas usage and expanding our electric vehicle fleet. These actions reinforced our ambition to lead in both environmental responsibility and customer‑centricity. Our strategy in 2025 focused on organic growth, strategic acquisitions, operational excellence, and innovation. We invested in competence development and talent management to ensure our teams are equipped to meet evolving customer needs. We expanded our product portfolio to support energy‑transition initiatives, introducing advanced solutions for renewable energy, carbon capture, biogas, and energy recovery systems. Our compressors and related technologies now offer enhanced capabilities to transform energy from gas compression into heat or cooling for industrial processes, helping customers achieve their sustainability goals.

In 2025, Power Technique experienced a drop in orders, mainly related to the construction recession which heavily impacted the national rental companies and dealer network. We also had the new government’s negative focus on O&G companies, which included windfall taxes, elimination of tax breaks for investments and reduction in licenses, which stopped investments and brought a large loss of jobs in that sector. On top of this we had the dryest year on record, which impacted our dewatering business. While the comparable effect of these non-recurring 2023 orders continued to influence year on year performance, underlying business lines showed a mixed picture with two divisions seeing a reduction in orders and two showing and increase compared to 2024. Service maintained its upward trajectory, driven by customers continued focus on extending the lifespan of existing assets and improving sustainability. This trend is expected to remain robust as companies increasingly prioritise total cost of ownership, circularity, and long-term equipment value. Market conditions were tough throughout 2025. It was subdued due to high interest rates & inflation, low economic growth, and anticipated tax increases in April. Confidence strengthened towards the end of the second half as government commitments to housing, infrastructure development, and sustainability initiatives should materialise in 2026. New product introductions-particularly within battery storage solutions and the Flow division-created additional growth opportunities and strengthened our competitive position, especially in sectors pursuing lower emission and zero emission technologies. Regulation tightening, together with a continued rise in customer ESG commitments, further boosted interest in our expanding sustainable product portfolio. A renewed strategic focus on Ireland, supported by an increased local presence will make us stronger going into 2026. This market is expected to remain a key contributor to growth in 2026 and beyond. Overall, Power Technique enters 2026 with a more balanced order book, improving sentiment across core customer segments, and solid foundations for future expansion.

ATLAS COPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Despite a relatively challenging UK manufacturing environment, Industrial Technique revenues for products and services increased by 5% in 2025 versus the prior year, boosted by investments by customers in both the motor vehicle and general industry. Vehicle production volumes in the UK declined by 15.5% due to model changeovers to EV’s and a large cyber-attack. Growth was driven by new vehicle project investments, plus continued strong development and digital transformation in the aerospace, space, defense, off highway, electronics, and renewable energy market segments. Product growth was driven by new and existing SMART Factory joining and vision solutions for tightening, drilling, dispensing, self-pierce riveting, automation, quality assurance, software and data driven services. New products launched in 2025 include screw feeders and a wireless battery tool range for quality critical applications. Increased demand was driven by new customer programs to digitalise and implement advanced manufacturing systems to improve to reduce waste, improve productivity and reduce energy consumption. The SMART Factory Innovation Centre at our Wolverhampton hub showcasing the latest technological innovations was well utilised. Operationally the business was a healthy versus the distribution experienced in the prior years. Orders received ended slightly above last year, being very strong in the first half of the year. Most segments, product lines and service showed good growth with profitability was on a strong level overall. Given the current global geopolitical situation, there is some market uncertainty but assuming interest rates fall as predicted during 2026, vehicle production volumes are expected to pick in 2026, whilst overall demand from most other general manufacturing segments is expected to improve somewhat especially in the areas of aerospace, digital infrastructure, energy and defense.

In 2025, Atlas Copco Rental UK delivered a year of renewed growth of 14.9% following the challenges experienced in 2024. Demand for temporary steam solutions remained high as customers sought flexible, efficient alternatives and extended the useful life of existing assets and therefore revenues increased significantly by more than 80%, which continued the positive momentum seen in the previous year. Offshore operations grew by 14%, with increased utilisation of the TwinPower QAC1450 while the onshore industrial segment faced significant challenges, driven by the closure of several high-profile petrochemical and nuclear facilities and intensified competition-particularly from Aggreko—resulting in flat growth for 2025. The Oil Free business, which faced headwinds in 2024 due to postponed or cancelled projects, showed signs of recovery in 2025. Due to the competitive pressure from various market players, especially Aggreko, we continue to reinforce our value proposition and believe we are well positioned not only to defend our oil free market share but to increase it through superior service capability and product availability. Atlas Copco Rental UK has further diversified its offering in the Temperature business line by introducing Chillers to the market, thus creating opportunities in emerging sectors such as water authorities, construction, and military facilities. This strategic direction will continue in 2026. Our new sustainable depot in Gloucester delivered its first full year of operation and exceeded expectations. Its strategic location and enhanced customer proximity drove higher utilisation and reduced logistical lead times, improving service levels and supporting revenue growth. Customer interest in sustainable rental solutions continues to accelerate. Looking ahead, we expect to see continued double-digit growth, primarily driven by offshore and steam business lines. Offshore revenues are expected to rise further, supported by opportunities in the decommissioning sector for temporary power, air, and nitrogen solutions. Customer demand for comprehensive project support continues to grow, driving increased service engineer revenues. Our investments in service capability, sustainable infrastructure, and customer centric operations position us well to capture further opportunities in the evolving rental landscape. In 2025, Atlas Copco Rental UK served as the pilot for a new global ERP system. The rollout will continue in 2026, delivering enhanced efficiency and operational improvements across the business.

ATLAS COPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Financial risk management objectives and policies

The Company is exposed to financial risk through its financial assets and liabilities, the most important elements being currency risk and credit risk.

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company can rely on support from its parent company. This is disclosed further in the going concern note to the financial statements.

The Company is exposed to currency risk through its sales and purchasing activities, most significantly in relation to the Euro and Swedish Krona. The Company seeks to mitigate this risk by careful monitoring the level of currency exposure on a regular basis. Significant one-off orders may also be hedged to limit exposure.

The Company's credit risk relates primarily to trade receivables. The Company has a broad customer base with credit ratings and credit limits in accordance with the Credit Policy. Exposure on a customer-by-customer basis is made on a regular basis and when new orders are placed.

Principal risk and uncertainties

Global supply chain shortages are causing long lead times and delays in delivery of some products. All manufacturers are suffering from this situation, so we are not unique however, we do not expect a quick resolution to the problems, so it is likely to impact revenues in 2026. On a positive note, this will drive change to alternative technology in many cases which could compensate. Strong orders received will also ensure that the result is not impacted as much as it may have been.

The increasing occurrence of flooding as a result of climate change has seen a greater demand for some of our products, particularly the de-watering pump sets. It also means that new technologies are being developed and investigated to replace diesel engines or significantly reduce the level of pollutants they produce.

Atlas Copco Limited business units and functions review their risks and report key changes as part of the Monthly Business Performance Reviews and Quarterly Sustainability Reporting. Major emerging risks and issues are escalated immediately. The Group is constantly working on new technologies and processes to minimise environmental impact and control new and current activities.

A full investigation has been undertaken into the current situation in Ukraine and the conclusion is that there is no significant impact to the business. Atlas Copco Limited is constantly monitoring the situation. The Company understands that due to the current geopolitical environment there will be higher manufacturing costs globally. Management performed detailed analysis of the situation and proposed price increase to mitigate this risk. The ongoing conflict in Ukraine and escalations in Middle East have very limited direct financial effects on Atlas Copco group.

The current economic climate with high uncertainty regarding increased interest rates and inflation causes a challenge for all companies who operate in the current environment. The impact of increased costs is currently limited and the Company is continuously monitoring the situation with detailed cost analysis.

Financial key performance indicators

The Company's key financial performance measures are turnover, gross profit margin and orders received over comparative periods. Further details are included in the Business Review section above. The performance of the Company is included in the Annual Report of Atlas Copco AB, further details can be found in note 30.

Corporate social responsibility

Atlas Copco Limited strives to be a responsible corporate citizen in all its activities by finding synergies between economic growth, environmental stewardship and socially responsible operations. The Company and its employees currently support "Water for All', which is a charity founded by Atlas Copco employees. The Charity's mission is to provide people in need with long-term access to clean drinking water.

The Group's vision is to become and remain 'First in Mind-First in Choice' for all of its stakeholders. This principle also drives the Group's strategy in order to create positive value for customers, shareholders and employees in an increasingly resource constrained world. The Group views sustainability as an opportunity to drive product innovation, reduce costs, mitigate risks and create business opportunities for long-term strategic growth.

ATLAS COPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Our statement on Section 172(1)

Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the C ompany for the benefit of its members as a whole. In discharging our section 172 duties, we consider the interests and views of all our key stakeholders. In reaching our decisions we consider our purpose, vision, values and the Group’s strategic priorities as outlined in the Annual Report of Atlas Copco AB (https://www.atlascopcogroup.com/en/investor-relations/financial-reports-presentations/financial-publications ). We have a process in place for decision-making and we aim to make sure that our decisions are consistent across the board. In taking the aforementioned into account, we note that the decisions we ultimately make will not necessarily result in a positive outcome for all of our stakeholders.

We hold Board meetings and regular divisional meetings each year to discuss all matters pertaining to the short-, medium and long-term success of the Company. Wide engagement is carried out throughout the Company to look at how the strategic decisions can be affected prior to any decision being made. We review health and safety, financial and operational performance, and legal and regulatory compliance at our Board meetings.

We set out below, some of the detail around the strategic decisions taken in the financial year and how we considered and engaged with the key stakeholders in respect of the same:

Scopes 1 and 2: Two years ago, we relocated to new premises designed with sustainability and activity-based working principles at their core, supporting our journey toward net-zero goals. The facility incorporates advanced technology for seamless physical and digital connectivity, provides flexible and collaborative workspaces, and features indoor and outdoor environments that embrace natural light and greenery. These initiatives promote employee well-being, capture the benefits of remote working, and create a positive impact on the local business community.

Company car policy: We have updated our policy to ensure all new company cars are hybrid or electric vehicles. While range limitations have prevented full adoption for service vans, a pilot program began in 2024 to test EV solutions for a limited number of vans. As technology evolves, our goal is to transition the entire service fleet to EV, biofuel, or hydrogen-powered vehicles. This initiative will significantly reduce CO₂ emissions from our operations in the coming years.

Scope 3: Customer solutions: Our focus is on reducing energy consumption during product use. We help customers lower operational costs and progress toward carbon neutrality in line with the Paris Agreement. By introducing more energy-efficient products from the Atlas Copco Group, we provide customers with sustainable solutions that deliver measurable environmental benefits.

Employees: We maintain ongoing engagement through regular town halls, business area webinars, and an open-door policy. Employees are encouraged to participate in the Group-wide Employee Insight Survey, conducted every two years.

Customers: We focus on these key areas:

- Cust omer focus: Understand needs and deliver tailored solutions.

- Digital tools: E-commerce and CPQ for easy, personalised ordering.

- Strong support: Central hub plus nationwide service network.

- Service culture: Training, ethics, and recognition for excellence.

We actively seek feedback through monthly surveys and maintain a transparent complaint management system to ensure timely resolution and continuous improvement.

ATLAS COPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

Suppliers: We foster open and transparent relationships with suppliers, aligned with our Business Code of conduct. Engagement covers quality, health and safety, environmental considerations, and ethical standards.

The Directors of the Company aim to meet formally at board meetings. At these meetings, general performance and the affairs of the Company are reviewed, and key decisions approved or ratified. Specifically, during the financial year 2025, a number of decisions were made by the Board. These included:

- Declaration of dividend: Each year the Board assesses the strength of the Group's balance sheet and future prospects. As a result, the Board approved a dividend payment to the sole shareholder, Atlas Copco UK Holdings Limited, of £17,000,000 (2024: £11,500,000). ln making this decision, the Board considered a range of factors, including the long term viability of the Company, its expected cash flow, and financing requirements.

- Artificial Intelligence: Training courses have been attended by employees to minimise the risk of Al across the business. A company directive was issued mandating the use of Microsoft Copilot AI applications accross the business.

- Integration of Acquired Entities: The Board of Directors also passed a resolution that approved the integration of Glaston Compressors Services Ltd. into the Compressor Technique division of Atlas Copco Limited. Glaston Compressors Services Ltd has previously been acquired by Atlas Copco UK Holdings Ltd in 2022. This integration, executed through an asset purchase agreement, formed part of the Group’s broader acquisition strategy.

- Change of the auditor: During the financial year, the Company’s statutory auditor changed from Ernst & Young LLP (UK) to Ernst & Young Ireland.

On behalf of the Board

J McAllister
Director
9 April 2026
ATLAS COPCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

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 sales, distribution, service and maintenance of diesel and electric compressors, generators, lighting towers, pumps, industrial tools and assembly systems.

Results and dividends

The profit for the year, after taxation, amounted to £1 2,8 68,0 00 (2024: £10,807,000) which has been derived by Company's strategic initiatives and operational efficiencies, which have positively impacted our profitability. In light of this, the Board approved a dividend distribution to the sole shareholder, Atlas Copco UK Holding Limited of £17,000,000 (2024: £11,500,000) that aligns with our commitment to delivering shareholder value while maintaining a strong capital position to support future investments and growth opportunities. In making this decision the Board considered a range of factors, including the long-term viability of the Company, its expected cash flow and financing requirements.

Actuarial losses for the year w ere £573,000 (2024: gains £505,000).

Going concern

In accordance with their responsibilities, the directors of the Company have considered the appropriateness of the going concern basis for a period to 30 September 202 7, which has been used in the preparation of these financial statements.

The directors have considered the future performance of the Company and the impact of the supply chain crisis, and the growing cost of products and operations as a result of inflationary pressures. The directors have considered the impacts and applied a strong focus on price management to make sure we safeguard profitability. Atlas Copco Limited has several divisions which have been impacted differently depending on the industry they serve. A careful analysis of each division has been made especially the key revenue/profit generators. The analysis, including allowance for reasonably possible changes in trading performance indicate that the Company is able to operate for a period to 30 September 202 7. At the year-end the Company has an intercompany cash balance of £27,521,000 (2024: £23,219,000) and was in a net current asset position of £27,50 6,000 (2024: £28,022,000).

The going concern of Atlas Copco UK Limited is linked to that of the overall Group. The d irectors made enquiries of the Group to ascertain the Group position on going concern. Following these enquiries, the d irectors are satisfied the group's strategy is robust and that they will continue as a going concern. The directors have considered the Company’s current and prospects and its availability of intercompany financing.

In turn, the Company has received assurances, in the form of a letter of support, that Atlas Copco Airpower N.V. will continue to provide sufficient cash resources as required to enable the Company to meet its liabilities as they fall due for a period to 30 September 202 7. The Company therefore continues to adopt the going concern basis in preparing its financial statements which has been applied consistently throughout the year.

Directors

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

A Bongaerts
(Resigned 31 March 2026)
D Chambers
J McAllister
A Rubinstein
(Resigned 20 February 2026)
H Sahin Kocas
(Appointed 16 March 2026)
B Leempoels
(Appointed 31 March 2026)
Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

ATLAS COPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Supplier payment policy

The Company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The Company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the Company's contractual and other legal obligations.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Company's continues and that the appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The Company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the G roup's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the Company's performance.

Employee engagement is critical to the C ompany's success and there are several ways in which strong engagement is fostered within the organi s ation. Yearly employee surveys are conducted with follow up plans based on the results. There are also frequent news bulletins and activities around employee wellbeing and support.

Post reporting date events

There are no post balance sheet events requiring disclosure in respect to the year ended 31 December 2025.

Future developments

The focus for the Company going forward remains unchanged in creating customer value through innovation while staying agile and keeping a close eye on efficiency.

The directors remain optimistic about the future and are confident that the overall Atlas Copco Limited strategy will yield profitable growth. The Company's future developments are aligned with the Group's vision. The directors do not anticipate any significant changes to the Company's activity in the foreseeable future.

Auditor

Under section 487(2) of the Companies Act 2006, Ernst & Young LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

ATLAS COPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Energy and carbon report

Atlas Copco Limited, is focused on sustainability and offers the most energy-efficient products and solutions, it is with this continued focus that the organisation continues to strive to reduce its carbon footprint.

The organisation has implemented many initiatives during 202 5 to reduce its energy consumption and CO 2 emissions from its operations, these include but are not limited to; relocating its head office to a BREEAM compliant facility, purchasing renewable energy, eliminating gas consumption, installing solar panels, and energy efficient HVAC system.

The vehicle fleet has also been fully reviewed with fully electric and hybrid vehicles only, therefore reducing diesel and petrol vehicles and their more damaging emissions to the environment.

The report includes the electricity and gas consumption for the organisation as well as fuel for business use (onsite and company fleet vehicles), all data has been converted into the MWh and Carbon Dioxide equivalent (“CO 2 e”) values, which have had the business intensity ratio factor applied: (MWh / sales £ million cost of sales).

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
5,621,000
5,346,000
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
10
65
- Fuel consumed for owned transport
1,017
1,022
1,027
1,087
Scope 2 - indirect emissions
- Electricity purchased
18
114
Total gross emissions
1,045
1,201
Intensity ratio
Tonnes CO2 per cost of sales
147m
167m
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The report includes the electricity, gas, heating oil consumption for the organisation as well as fuel for business use (onsite and C ompany fleet vehicles), all data has been converted into the MWh and CO 2 e values, which have had the business intensity ratio factor applied: (MWh / £ million cost of sales).

Measures taken to improve energy efficiency

Looking to the future, focus will be on increasing the coverage of biogas supplies to other parts of the business and reducing the CO 2 e from gas consumption. Reducing the impact from business use of fossil fuels by monitoring the developments and rapidly evolving technology within the car industry, enabling us to continue moving away from fossil fuels to more sustainable options.

ATLAS COPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
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 C ompany’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 C ompany’s auditor is aware of that information.

On behalf of the Board
J McAllister
Director
9 April 2026
ATLAS COPCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101"). 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 in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and then apply them consistently.

- make judg e ments and accounting estimates that are reasonable and prudent;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in FRS 101 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company's financial position and financial performance;

- state whether applicable UK Accounting Standards, including FRS 101, 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 appropriate to presume that the Company will not 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 to 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.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report and directors' report that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.

ATLAS COPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ATLAS COPCO LIMITED
- 12 -
Opinion

We have audited the financial statements of Atlas Copco Limited for the year ended 31 December 202 5 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of C hanges in E quity and the related notes 1 to 30, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 101 “Reduced Disclosure Framework" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

- give a true and fair view of the C ompany’s affairs as at 31 December 202 5 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 to 30 September 2027.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

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 this 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 the other information, we are required to report that fact.

We have nothing to report in this regard.

ATLAS COPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATLAS COPCO LIMITED
- 13 -

Opinions on other matters prescribed by the Companies Act 2006

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

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

- the strategic report and directors’ report have 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 strategic report or directors’ report.

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’ responsibilities statement set out on page 10, 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

ATLAS COPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATLAS COPCO LIMITED
- 14 -

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant those that relate to the reporting framework (FRS 101 and the Companies Act 2006) and the relevant direct and indirect tax compliance regulations. In addition, the Company complies with laws and regulations relating to its operations, health and safety, environmental and data protection.

- We understood how the Company is complying with those frameworks by making inquiries of management and those responsible for legal and compliance procedures. We corroborated our inquiries through the review of board minutes as well as consideration of the results of our audit procedures over the Company’s financial statements.

- We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was a susceptibility to fraud. We also considered the Company’s performance targets and their propensity to influence efforts made by management to manage revenues and earnings. Where the risk is considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals selected based on risk criteria and were designed to provide reasonable assurance that the financial statements were free from fraud and error.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved incorporating data analytics into our journal entry testing, with a focus on manual non-standard journals and journals indicating large or unusual transactions based on the understanding of the business; inquiries of those responsible for legal and compliance of the company and management; and into our testing of revenue recognition. In addition, we completed procedures to conclude on the compliance of disclosures in the annual report and financial statements with all the applicable requirements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

Ian Venner (Senior Statutory Auditor)
for and on behalf of Ernst & Young LLP
Statutory Auditor
Cork
9 April 2026
ATLAS COPCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£'000
£'000
Revenue
4
196,355
212,941
Cost of sales
(146,643)
(166,547)
Gross profit
49,712
46,394
Distribution costs
(1,968)
(1,934)
Administrative expenses
(26,595)
(27,102)
Operating profit
5
21,149
17,358
Finance income
10
1,350
1,597
Finance costs
9
(614)
(1,090)
Impairment of investments
15
(2,823)
(7,519)
Dividend income
-
0
5,000
Profit before taxation
19,062
15,346
Tax on profit
11
(6,194)
(4,539)
Profit for the year
12,868
10,807
Other comprehensive income:
Items that will not be reclassified to profit or loss
Actuarial (loss)/gain on defined benefit pension schemes
(573)
505
Movement on deferred tax attributable to actuarial gain/(loss)
143
(126)
Total items that will not be reclassified to profit or loss
(430)
379
Total other comprehensive (loss)/income for the year
(430)
379
Total comprehensive income for the year
12,438
11,186

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

The notes on pages 19 to 46 form part of these financial statements.

ATLAS COPCO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 16 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Non-current assets
Intangible assets - goodwill
13
2,503
2,503
Property, plant and equipment
14
16,437
17,045
Investments
15
1,969
4,792
20,909
24,340
Current assets
Inventories
17
17,489
16,770
Trade and other receivables
19
79,016
68,926
Tax receivable
405
1,176
96,910
86,872
Current liabilities
Trade and other payables
20
63,232
52,873
Taxation and social security
4,228
4,427
Lease liabilities
21
1,944
1,550
69,404
58,850
Net current assets
27,506
28,022
Total assets less current liabilities
48,415
52,362
Non-current liabilities
Lease liabilities
21
2,528
2,490
(2,528)
(2,490)
Provisions for liabilities
Deferred tax liabilities
23
(3,376)
(3,650)
Other provisions
22
(2,182)
(1,700)
Net assets excluding pension surplus
40,329
44,522
Defined benefit pension surplus
24
9,887
10,166
Net assets
50,216
54,688
Equity
Called up share capital
26
14,708
14,708
Other reserves
27
454
366
Retained earnings
35,054
39,614
Total equity
50,216
54,688

The notes on pages 19 to 46 form part of these financial statements.

ATLAS COPCO LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 17 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2026 and are signed on its behalf by:
J McAllister
Director
Company registration number 00159809 (England and Wales)
ATLAS COPCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
Share capital
Other reserves
Retained earnings
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 January 2024
14,708
342
40,093
55,143
Year ended 31 December 2024:
Profit
-
-
10,807
10,807
Other comprehensive income:
Actuarial gain on pensions scheme
-
-
505
505
Tax relating to other comprehensive income
-
-
(126)
(126)
Total comprehensive income
-
-
11,186
11,186
Transactions with owners:
Dividends
12
-
-
(11,500)
(11,500)
Deferred tax related to share-based payment scheme
23
-
-
(165)
(165)
Share based payment - current year adjustment
-
24
-
24
Balance at 31 December 2024
14,708
366
39,614
54,688
Year ended 31 December 2025:
Profit
-
-
12,868
12,868
Other comprehensive income:
Actuarial loss on pensions scheme
-
-
(573)
(573)
Tax relating to other comprehensive income
-
-
143
143
Total comprehensive income
-
-
12,438
12,438
Transactions with owners:
Dividends
12
-
-
(17,000)
(17,000)
Deferred tax related to share-based payment scheme
23
-
-
2
2
Share based payment - current year adjustment
-
88
-
88
Balance at 31 December 2025
14,708
454
35,054
50,216

The notes on pages 19 to 46 form part of these financial statements.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
1
Material accounting policies
Company information

Atlas Copco Limited is a company incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the registered office is Technology House, Maylands Avenue, Hemel Hempstead, Hertfordshire, HP2 7 DF. Atlas Copco Limited is a part of the Atlas Copco Group, which is a world-leading provider of sustainable productivity solutions. Operations in the UK are based in Hemel Hempstead, Hertfordshire. The Company comprises four business areas: Compressor Technique, Industrial Technique, Rental and Power Technique. Our portfolio consists of diesel and electric compressors, generators, lighting towers, pumps, industrial tools and assembly systems, industrial rental - all supported by a nationwide sales, distribution, service and maintenance network. Atlas Copco Limited is a private company limited by shares.

These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements. The Company is exempt from the preparation of consolidated financial statements, because it is included in the Group financial statements of Atlas Copco AB in accordance with the section 401 exemption. The Group financial statements of Atlas Copco AB are available to the public and can be obtained as set out in note 30.

1.1
Accounting convention

The Company meets the definition of a qualifying entity under FRS 100 ‘Application of Financial Reporting Requirements’ issued by the FRC. Accordingly, these financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The figures in the financial statements have been presented to the nearest thousand.

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

The Company has taken advantage of the following disclosure exemptions under FRS 101:

- the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment

- the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations

- the requirements of IFRS 7 Financial Instruments: Disclosures

- the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

- the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers

- the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total

- the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements

- the requirements of IAS 7 Statement of Cash Flows

- the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

- IAS 8 requirement to disclose information about the impact of standards not yet effective;

- the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

- the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets

- IFRS 3 requirements to exclude transactions and events that do not meet the definition of a business combination.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies
(Continued)
- 20 -

The C ompany has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the C ompany as an individual entity and not about its group.

Atlas Copco Limited is a wholly owned subsidiary of Atlas Copco AB and the results of Atlas Copco Limited are included in the consolidated financial statements of Atlas Copco AB which are available from the Patent and Registration Office, Bolagsavdelningen, Storgatan 13, S85181, Sundsvall, Sweden.

1.2
Going concern

In accordance with their responsibilities, the directors of the Company have considered the appropriateness of the going concern basis for a period to 30 September 2027, which has been used in the preparation of these financial statements.true

The directors have considered the future performance of the Company and the impact of the supply chain crisis, and the growing cost of products and operations as a result of inflationary pressures. The directors have considered the impacts and applied a strong focus on price management to make sure we safeguard profitability. Atlas Copco Limited has several divisions which have been impacted differently depending on the industry they serve. A careful analysis of each division has been made especially the key revenue/profit generators. The analysis, including allowance for reasonably possible changes in trading performance indicate that the Company is able to operate for a period to 30 September 2027. At the year-end the Company has an intercompany cash balance of £27,521,000 (2024: £23,219,000) and was in a net current asset position of £27,5 06,000 (2024: £28,022,000).

The going concern of Atlas Copco UK Limited is linked to that of the overall Group. The directors made enquiries of the Group to ascertain the Group position on going concern. Following these enquiries, the directors are satisfied the group's strategy is robust and that they will continue as a going concern. The directors have considered the Company’s current and prospects and its availability of intercompany financing.

In turn, the Company has received assurances, in the form of a letter of support, that Atlas Copco Airpower N.V. will continue to provide sufficient cash resources as required to enable the Company to meet its liabilities as they fall due for a period to 30 September 2027. The Company therefore continues to adopt the going concern basis in preparing its financial statements which has been applied consistently throughout the year.

1.3
Revenue

IFRS 15 requires the Company to determine revenues recognised at a point in time from those recognised over time. All revenues are deemed to be recognised at a point in time with the exception of revenues generated from service contracts which are deemed to be recognised over time.

Servicing fees are recognised by reference to the proportion of the total planned cost of providing the service for the product sold, taking into account historical trends in the number of services actually provided on past goods sold.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies
(Continued)
- 21 -

a) Sale of goods

As per IFRS 15 Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

b) Rendering of services

The Company provides installation, commissioning and other services with certain equipment. These services are either sold separately in contracts with customers or bundled together with the sale of the equipment to the customer. We determine whether goods or services meet performance obligations in accordance with IFRS 15. IFRS 15 also requires allocation of the transaction price to the identified performance obligations.

c) Rental of e quipment

Revenue from a contract to provide rental equipment and related services is recognised in the period in which the rental is provided in accordance with the number of days the machine is rented out when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably

- It is probable that the Company will receive the consideration due under the contract

- The number of days of rent at the end of the reporting period can be measured reliably; and

- The costs incurred for the rent of equipment and its related services can be measured reliably

1.4
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is subsequently reversed if, and only if, the reasons for the impairment loss have ceased to apply.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies
(Continued)
- 22 -
1.5
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

- Customer relationship - 5 years

- Computer software - 10 years

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Buildings
5% - 10% straight line
Plant and equipment
13% - 50% straight line
Fixtures and fittings
14% - 33% straight line

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 recognised in the profit or loss.

1.7
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.8
Borrowing costs related to non-current assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.9
Impairment of tangible and intangible assets

At each reporting end date, the Company reviews the carrying amounts of its tangible and intangible 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.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies
(Continued)
- 23 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11
Cash and cash equivalents

Cash and cash equivalents 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.

1.12
Financial assets

Financial assets are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recogni s ed initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the S tatement of Comprehensive Income f or the reporting period in which it arises.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies
(Continued)
- 24 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (e.g., trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

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.
1.13
Financial liabilities

The Company recognises financial debt when the Company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

- it has been incurred principally for the purpose of selling or repurchasing it in the near term, or

- on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit taking, or

- it is a derivative that is not a financial guarantee contract or a designated and effective hedging instrument.

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Company’s obligations are discharged, cancelled, or they expire.

1.14
Equity instruments

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

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies
(Continued)
- 25 -
1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Comprehensive Income 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.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Provisions

Provisions are recognised when the Company has a legal or constructive present obligation as a result of a past event and it is probable that the Company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.17
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 inventories or non-current assets.

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

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

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies
(Continued)
- 26 -
1.18
Retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the Statement of Financial Position comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.19
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Bank-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

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

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.20
Leases

At inception, the C ompany 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 C ompany 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, apart from those that meet the definition of investment property.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Material accounting policies
(Continued)
- 27 -

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for 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 adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated 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, and is periodically reduced by impairment losses, if any.

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 C ompany'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 C ompany 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 C ompany's estimate of the amount expected to be payable under a residual value guarantee; or the C ompany'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 C ompany 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.

1.21
Foreign exchange

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

1.22

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.23

Finance costs

Finance costs are changed to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Adoption of new and revised standards and changes in accounting policies

No new standards, new interpretations or amendments to standards or interpretations have been published which are expected to have a significant impact on the Company’s financial statements, and none have been early adopted.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
3
Critical accounting estimates and judgements

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, 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements
Impairment of investments in subsidiaries

Investments are reviewed for impairment indicators on a yearly basis and if necessary, a full valuation review carried out. A multiple based valuation of all the entities is performed and if both Net Assets and the multiple based Equity value of a company fall below or close to the carrying value of the shares a DCF valuation is prepared which is then compared to the value of the shares, entirely in line with IAS 36.
During the year 2025 the Company carried out a review of the valuation of Glaston Compressors services Limited. An impairment loss has been recognised in profit and loss amounting to £2,824K for the investment.

Key sources of estimation uncertainty
Defined benefit pension obligations

For the defined benefit pension scheme, pension valuations have been performed using specialist advice from independent qualified actuaries. In performing this valuation, significant actuarial assumptions and judgements have been made to determine the defined benefit obligation, in particular with regards to discount rate, inflation and mortality.

At 31 December 2025 the Company's defined benefit obligation was £137,417,000 (2024: £140,406,000).

Appropriate sensitivities have been performed and disclosed in note 24.

4
Revenue

An analysis of the Company's revenue is as follows:

2025
2024
£'000
£'000
Revenue analysed by class of business
Assembly/sale and servicing of compressed air equipment
96,527
88,586
Hire/rental of portable air compressors and ancillary equipment
28,992
25,447
Sale and servicing of portable air compressors, light towers and pumps
21,852
52,117
Marketing and selling of industrial power tools etc
48,984
46,791
196,355
212,941
ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Revenue
(Continued)
- 29 -
2025
2024
£'000
£'000
Revenue analysed by geographical market
United Kingdom
187,944
198,191
Rest of the world
8,411
14,750
196,355
212,941

The amount of revenue recognised at a point in time in 2025 was £173,148,000 (2024: £1 93,016,000) and revenue recognised over time was £23,207,000 (2024: £1 9,925,000).

See note 18 for further details relating to contract balances.

5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Exchange loss
201
273
Depreciation of property, plant and equipment
3,771
3,294
Depreciation of right-of-use assets
1,890
1,485
Defined contribution pension cost
2,553
2,570
Amortisation of intangible assets
-
1,273
Share-based payments
88
25
6
Employees

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

2025
2024
Number
Number
Management and administration
114
109
Production and sales
353
337
Total
467
446

Their aggregate remuneration comprised:

2025
2024
£'000
£'000
Wages and salaries
25,516
24,373
Social security costs
3,280
2,921
Pension costs
2,553
2,570
31,349
29,864
ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
7
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
172
170
For other services
Tax services
23
23
8
Directors' remuneration
2025
2024
£'000
£'000
Remuneration for qualifying services
737
1,312
Company pension contributions to defined contribution schemes
74
75
811
1,387
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£'000
£'000
Remuneration for qualifying services
279
555
Company pension contributions to defined contribution schemes
-
35

No retirement benefits are accruing to any director under the pension scheme.

9
Finance costs
2025
2024
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
397
901
Interest on other loans
217
189
614
1,090
10
Finance income
2025
2024
£'000
£'000
Interest income
Net interest on the defined benefit liability
543
435
Interest receivable from group companies
807
1,162
Total income
1,350
1,597
ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
11
Taxation
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current period
5,686
3,906
Adjustments in respect of prior periods
637
68
Total UK current tax
6,323
3,974
Deferred tax
Origination and reversal of temporary differences
(152)
510
Benefit arising from a previously unrecognised tax loss, tax credit or temporary difference
18
30
Adjustment in respect of prior periods
5
25
(129)
565
Total tax charge
6,194
4,539

The charge for the year can be reconciled to the profit per the Statement of Comprehensive Income as follows:

2025
2024
£'000
£'000
Profit before taxation
19,062
15,346
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
4,766
3,837
Effect of expenses not deductible in determining taxable profit
768
1,829
Income not taxable
-
0
(1,250)
Utilisation of tax losses not previously recognised
18
30
Adjustment in respect of prior years
642
93
Taxation charge for the year
6,194
4,539

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£'000
£'000
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(143)
126
ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Taxation
(Continued)
- 32 -

In addition to the amount charged to the income statement and other comprehensive income, the following amounts relating to tax have been recognised directly in equity:

2025
2024
£'000
£'000
Deferred tax:
Excess tax deductions related to share based payments on exercised options
(2)
165

Following the substantive enactment of the Finance Act 2021, effective 1 April 2023 the applicable corporation tax rate is 25% (for companies with profits over £250,000) and continues to be 19% (for companies with profits of £50,000 or less). Companies with profits between £50,000 and £250,000 pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate. The tax rate change was enacted in Finance Act 2021 on 24 May 2021.

12
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£'000
£'000
Ordinary shares
Final dividend paid
1.16
0.78
17,000
11,500

The profit for the year, after taxation, amounted to £8,391,000 (2024: £10,807,000) which has been derived by Company's strategic initiatives and operational efficiencies, which have positively impacted our profitability. ln light of this, the Board approved a dividend distribution to the sole shareholder, Atlas Copco UK Holdings Limited of £17,000,000 (2024: £11,500,000) that aligns with our commitment to delivering shareholder value while maintaining a strong capital position to support future investments and growth opportunities. ln making this decision the Board considered a range of factors, including the long-term viability of the Company, its expected cash flow and financing requirements.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
13
Intangible assets
Goodwill
Software
Customer relationship
Total
£'000
£'000
£'000
£'000
Cost
At 1 January 2024
17,072
21
2,942
20,035
At 31 December 2025
17,072
21
2,942
20,035
Amortisation
At 1 January 2024
14,569
21
2,942
17,532
At 31 December 2025
14,569
21
2,942
17,532
Carrying amount
At 31 December 2025
2,503
-
0
-
2,503
At 31 December 2024
2,503
-
0
-
2,503

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 34 -
14
Property, plant and equipment
Buildings
Plant and equipment
Fixtures and fittings
Total
£'000
£'000
£'000
£'000
Cost
At 1 January 2025
3,260
32,146
904
36,310
Additions
187
3,551
14
3,752
Disposals
(61)
(3,436)
(12)
(3,509)
Transfer from a group company
-
0
1,667
-
0
1,667
Transfer to a group company
-
0
-
0
(809)
(809)
At 31 December 2025
3,386
33,928
97
37,411
Accumulated depreciation
At 1 January 2025
1,396
17,129
740
19,265
Charge for the year
408
5,210
43
5,661
Eliminated on disposal
(60)
(3,326)
(12)
(3,398)
On assets transferred from a group company
-
0
161
(715)
(554)
At 31 December 2025
1,744
19,174
56
20,974
Carrying amount
At 31 December 2025
1,642
14,754
41
16,437
At 31 December 2024
1,864
15,017
164
17,045

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2025
2024
£'000
£'000
Net values at the year end
Buildings
1,012
1,191
Plant and equipment
3,432
2,855
4,444
4,046
Total additions in the year
2,352
3,125
Depreciation charge for the year
Buildings
339
270
Plant and equipment
1,551
1,215
1,890
1,485
ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 35 -
15
Investments
Current
Non-current
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Investments in subsidiaries
-
-
1,969
4,792
Fair value of financial assets carried at amortised cost

The directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Movements in non-current investments
Shares in subsidiaries
£'000
Valuation
At 1 January 2025 & 31 December 2025
4,792
Impairment
At 1 January 2025
-
Impairment losses
(2,823)
At 31 December 2025
(2,823)
Carrying amount
At 31 December 2025
1,969
At 31 December 2024
4,792

The Investment into subsidiary was fully impaired in 2025.

16
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Glaston Compressor Services Limited
Technology House, Maylands Avenue, Hemel Hempstead, England, HP2 7DF
Ordinary
100.00
ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 36 -
17
Inventories
2025
2024
£'000
£'000
Work in progress
13,026
8,076
Finished goods
4,463
8,694
17,489
16,770

There is no material difference between the Statement of Financial Position value of inventories and their replacement value and no securities have been given against inventories.

18
Contracts with customers
2025
2024
£'000
£'000
Contracts in progress
Contract receivables included in trade and other receivables
61,493
58,973

Included in the amounts above are amounts due within one year of £13,056,000 (2024: £21,011,000) and more than one year of £48,437,000 (202 4: £37,962,000).

The table above presents the aggregate amount of revenues expected to be realised in the future from partially or fully unsatisfied performance obligations as we perform under contracts at delivery or recognised over time. The amounts disclosed above represent value of firm orders only. Such orders may be subject to future modifications that might impact the amount and/or timing of revenue recognition. The amounts disclosed above do not include constrained variable consideration, unexercised options or letters of intent.

Analysis of contract assets
2025
2024
£'000
£'000
Accrued income service contracts
2,802
2,742

The contract assets primarily relate to our rights to a consideration for installation services delivered but not invoiced at the reporting date. As such, the balance of this account vary and depend on the number of ongoing installation services at the end of reporting year. Contract assets are transferred to the receivables when the receivables become unconditional.

Analysis of contract liabilities
2025
2024
£'000
£'000
Deferred revenue
11,783
10,232
Advance payments
11,902
10,512
23,685
20,744
ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Contracts with customers
(Continued)
- 37 -

The contract liabilities primarily relate to remaining performance obligation for which consideration has been received such as down payments received for systems to be delivered, as well as deferred revenue from system shipments, based on the allocation of the consideration to the related performance obligations in the contract. This deferred revenue mainly consists of extended and enhanced warranties, installation and maintenance services provided as part of a volume purchase agreement.

The majority of our customer contracts contain both asset and liability positions. At the end of each reporting period, these positions are netted on a contract basis and presented as either an asset or a liability in the Statement of Financial Position. Consequently, a contract balance can change between periods from a net contract asset balance to a net contract liability balance in the Statement of Financial Position.

There was no revenue recognised in the current reporting period that related to performance obligations that were satisfied in a prior year.

Significant changes in the period
2025
2024
Contract assets
Contract liabilities
Contract assets
Contract liabilities
£'000
£'000
£'000
£'000
Revenue not recognised in the reporting period that was included in the contract liability at the beginning of the period
-
1,355
-
811

Revenue not recognised in the reporting period that was included in the contract liability at the beginning of the period refers to amounts of contract liabilities that were recognised as a liability in the opening balance and have subsequently not been recognised as revenue in the period, therefore those amounts are a contract liability at both the beginning and the end of the period.

19
Trade and other receivables
2025
2024
£'000
£'000
Trade receivables
41,217
35,801
Amounts owed by fellow Group undertakings
28,864
25,398
Other receivables
936
269
Prepayments and accrued income
7,999
7,458
79,016
68,926

Amounts owed by Group undertakings relate to general trading and comprise cash held by the intercompany bank as part of the cash pooling agreement £27,521,000 (2024: £23,219,000).

Bank and commercial guarantees amount to £2,001,000 as at 31 December 2025 (2024: £2,577,000). Commercial guarantees are related to tax and performance guarantees

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 38 -
20
Trade and other payables
2025
2024
£'000
£'000
Trade payables
1,293
1,669
Payments received on account
11,902
10,727
Amounts owed to fellow Group undertakings
32,428
24,629
Accruals and deferred income
17,609
15,848
63,232
52,873

Amounts owed to G roup undertakings relate to general trading and comprises cash owed to inter-company bank as part of the cash pooling arrangement.

21
Lease liabilities
2025
2024
Maturity analysis
£'000
£'000
Within one year
1,944
1,550
In two to five years
2,528
2,490
Total liabilities
4,472
4,040

The weighted average incremental borrowing rate applied to lease liabilities recognised in the statement of financial position is 5.6% (202 4: 6.2%).

2025
2024
£'000
£'000
Current liabilities
1,944
1,550
Non-current liabilities
2,528
2,490
4,472
4,040
The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:
2025
2024
£'000
£'000
Depreciation of right-of-use assets
1,891
1,485
Interest expense on lease liabilities
180
137
2,071
1,622
ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 39 -
22
Provisions for liabilities
2025
2024
£'000
£'000
Onerous contracts
1,493
1,288
Warranties
565
319
Other provisions
124
93
2,182
1,700
Movements on provisions:
Onerous contracts
Warranties
Other provisions
Total
£'000
£'000
£'000
£'000
At 1 January 2025
1,288
319
93
1,700
Additional provisions in the year
205
246
31
482
At 31 December 2025
1,493
565
124
2,182

Provisions are expected to be utilised as follows:

Other provisions

Other provisions relates to dilapidation provisions and utilisation will be dependent on leaving the premises, there are no current plans to do so.

Warranties

The provision relates to estimated future warranty claims on products sold during the last financial year. This is calculated based on actual warranty costs incurred in 18 months.

Onerous contracts

The onerous contract provision relates to the service contracts in the Compressor Technique division, where by aggregate costs required to fulfil the contacts are higher than the economic benefit to be obtained. Provision will be released over the lives of the contracts.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 40 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
Tax losses
Retirement benefit obligations
Share based payments
Total
£'000
£'000
£'000
£'000
£'000
Liability at 1 January 2024
758
(49)
2,012
74
2,795
Deferred tax movements in prior year
Charge/(credit) to profit or loss
628
30
(116)
22
564
Charge/(credit) to other comprehensive income
-
-
126
-
126
Deferred tax related to share-based payment scheme
-
-
-
165
165
Liability at 1 January 2025
1,386
(19)
2,022
261
3,650
Deferred tax movements in current year
Charge/(credit) to profit or loss
(209)
18
74
(12)
(129)
Credit to other comprehensive income
-
-
(143)
-
(143)
Debit direct to equity
-
-
-
(2)
(2)
Liability at 31 December 2025
1,177
(1)
1,953
247
3,376

There are no unrecognised tax losses in the year (2024: £Nil).

24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
2,553
2,570

The Company operates one defined contribution pension scheme, a Company Sponsored Group Personal Pension Plan. There were no outstanding contributions at 31 December 2025 (2024: nil).

The Company is also the primary member of a group wide defined benefit pension scheme providing benefits based on final pensionable pay. This final salary scheme was closed to future accrual on 31 July 2010. All members were moved to the group's defined contribution scheme.

The latest actuarial valuation was carried out in April 2020 and was updated for FRS 101 purposes to 31 December 2025 by a qualified independent actuary. Liabilities and service cost are computed using the Projected Unit Credit actuarial cost method. The objective under this method is to expense each participant's benefits under the scheme as they would accrue, taking into account future compensation increases and the scheme's benefit allocation formula, thus the total pension to which each participant is expected to become entitled at retirement is broken down into units, each associated with a year of past or future credited service. The scheme is closed to future accrual.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Retirement benefit schemes
(Continued)
- 41 -
Defined benefit scheme
2025
2024
Key assumptions
%
%
Discount rate
5.50
5.40
Pension growth rate
2.80
3.10
Inflation measured by RPI
2.90
3.20
Inflation measured by CPI
2.40
2.50
Deferred pension revaluation
2.40
2.50
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
21.1
20.9
- Females
23.5
23.4
Retiring in 15 years
- Males
21.9
21.7
- Females
24.5
24.5

The mortality table that is used:

- Base table: 106% of the S3PA table (106% in 2024) and,

- Long-term improvement rates: CMI 2024 core projections from 2013 based on member's dates of birth with a long-term annual rate of improvement of 1.25% pa.

The long term improvement projections have been updated to CMI 2024 core projections to reflect the latest available tables. This is consistent with the approach taken at 31 December 2024.

The assumption for life expectancy post-retirement is important and there is considerable uncertainty, particularly when considering the projection of future changes in mortality rates. The projections of life expectancy make no explicit allowance for specific individual risks, such as the possible impact of climate change or a major medical breakthrough. The projections reflect the aggregate impact of the many possible factors driving changes in future mortality rates.

2025
2024

Amounts recognised in the Statement of Comprehensive Income

£'000
£'000
Current service cost
249
898
Net interest on defined benefit (asset)/liability
(543)
(435)
Total costs/(income)
(294)
463
ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Retirement benefit schemes
(Continued)
- 42 -
2025
2024

Amounts recognised in other comprehensive income

£'000
£'000
Actuarial changes arising from changes in demographic assumptions
1,893
(1,430)
Actuarial changes arising from changes in financial assumptions
(3,252)
(14,033)
Actuarial changes arising from experience adjustments
1,064
(582)
Actuarial changes related to plan assets
868
15,540
Total (income)/costs
573
(505)

The amounts included in the statement of financial position arising from the Company's obligations in respect of defined benefit plans are as follows:

2025
2024
£'000
£'000
Present value of defined benefit obligations
137,417
140,406
Fair value of plan assets
(147,304)
(150,572)
Surplus in scheme
(9,887)
(10,166)
2025
2024

Movements in the present value of defined benefit obligations

£'000
£'000
At 1 January
140,406
158,599
Current service cost
249
898
Benefits paid
(10,258)
(9,981)
Actuarial gains and losses
(295)
(16,045)
Interest cost
7,315
6,935
At 31 December
137,417
140,406

The defined benefit obligations arise from plans which are wholly or partly funded.

2025
2024

Movements in the fair value of plan assets:

£'000
£'000
At 1 January
150,572
168,723
Interest income
7,858
7,370
Return on plan assets (excluding amounts included in net interest)
(868)
(15,540)
Contributions by the employer
(10,258)
(9,981)
At 31 December
147,304
150,572

Scheme obligations would have been affected by changes in assumptions as follows:

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Retirement benefit schemes
(Continued)
- 43 -
2025
2024
£'000
£'000
0.50% change in discount rate
- increase
(6,867)
(7,323)
- decrease
7,515
8,040
0.50% change in inflation
- increase
3,922
4,096
- decrease
(3,783)
(4,025)
1 year change in mortality
- increase
5,950
5,841

The fair value of plan assets at the reporting period end was as follows:

2025
2024
£'000
£'000
Equity instruments
26,359
24,870
Debt instruments
24,271
23,041
Cash and cash equivalents
10,880
18,075
Derivatives
240
227
Investment funds
48,963
35,593
Assets held by insurance company
36,591
38,402
Other
-
10,364
147,304
150,572

Investment risks

Credit risk

This is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

The scheme invests in pooled funds and is therefore directly exposed to credit risk in relation to the solvency of the investment manager and the custodian of those funds.

This risk is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the investment managers, the regulatory environment in which the investment managers operate and diversification of the scheme's investments amongst a number of pooled arrangements. The Trustees, with the help of their advisors, carry out diligence checks on the appointment of any new investment manager or fund, and monitor for changes to the operating environment of the existing investments.

The scheme is also directly exposed to credit risk in relation to the currency swap with SEB.

The scheme is indirectly exposed to credit risks arising from the underlying investments held by the pooled funds that invest in bonds and other assets of a contractual nature.

The managers of these pooled funds manage credit risk by having a diversified exposure to bond issuers or highly rated issuers (e.g. the UK government), conducting thorough research on the probability of default of those issuers, having only limited exposure to bonds rated below investment grade and arranging security against borrower default where appropriate (particularly within private credit). The magnitude of credit risk within certain funds will vary over time, as the managers change the underlying investments in line with their views on markets, asset classes and specific securities.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Retirement benefit schemes
(Continued)
- 44 -

Currency risk

This is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in foreign exchange rates. As the scheme's liabilities are denominated in Sterling, any non Sterling currency exposure within the assets presents currency risk.

The scheme is also exposed to direct currency risk in relation to its euro denominated cash account managed by SEB and indirect currency risk within the pooled fund investments.

The Trustees consider overseas currency exposure in the context of the overall investment strategy, and believe the risk that exists diversifies the strategy and is appropriate. Furthermore, where the scheme invests in pooled funds that include overseas currency exposure, the responsibility of managing this exposure is delegated to the investment managers.

Interest rate risk

This is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market interest rates.

The scheme's fixed and index linked gilt portfolios are subject to interest rate risk. However, this interest rate exposure hedges part of the corresponding risks associated with the scheme's liabilities. The net effect will be to reduce the volatility of the funding level, and therefore the Trustees believe that it is appropriate to have exposure to interest rate risk in this manner.

The private credit fund is primarily exposed to "floating rate" investments. As such, the value of income received on these investments increases as short term interest rates rise. Given the shorter term nature of these investments, there is limited exposure to changes in longer term interest rates.

Other price risk

This is the risk that the fair value or future cash flows of an asset will fluctuate due to changes in market prices (other than those arising from the risks above), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market.

This risk will vary depending on the particular market asset class the scheme invest in and the Investment Sub Committee ("ISC") monitor this risk on a regular basis, looking at the performance of the Scheme as a whole as well as each individual portfolio. The Trustees believe that the Scheme's assets are adequately diversified between different asset classes and within each asset class to manage this risk.

The Scheme's investment in private credit involves assets of a fixed term and contractual nature, and so is expected to be less exposed to other market factors.

The exposure to other indirect price risk within the Scheme's investments will vary over time depending on how the managers change the underlying asset allocation to reflect their market views.

Other long term benefits

The Company expects to contribute £Nil to its Defined Benefit Pension Scheme in 2025.

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 45 -
25
Share-based payments

The outstanding option programs that concern employees of the C ompany has been granted between 2019–2025 by Atlas Copco. The decision to grant options is made in April each year by Atlas Copco and the options were issued in March the following year (issue date and grant date according to IFRS 2). The number of options issued for each program year depended on the value creation in the Group, measured as Economic Value Added (EVA, defined as the sum of adjusted operating profit and interest income less tax expenses and cost of capital) of Atlas Copco, for the respective program year.

For the 2025 option program, the number of options varies on a linear basis within a pre-set EVA interval. The size of the plan and the limits of the interval have been established by the Board of Atlas Copco and have been approved by the Annual General Meeting of Atlas Copco and are compatible with the long-term business plan of the Group.

In connection to the issue, the exercise price is calculated as 110% of the average trading price for series A shares during a ten-day period following the date of the publishing of the fourth quarter report. The options were issued without compensation paid by the employee and the options remain the property of the employee only to the extent that they are exercisable at the time employment is terminated. The 2019–2025 programs have a vesting period of three years and have contractual term of seven years. The options in the 2019–2025 programs are not transferable and become exercisable at 100% three years after grant and up and until year seven. At exercise a common share in Atlas Copco is received.

The options expire at different dates depending on which program the contractual life of the options are until April, seven years after the program year. Options have been exercised during the period and the average share price for Atlas Copco for 2025 was 162,47 SEK. The established exercise prices for the outstanding options vary between 96.42 SEK and 203.00 SEK.

2025
2024
£'000
£'000
Expenses
Related to equity settled share based payments
88
24
26
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
14,707,661
14,707,661
14,708
14,708
27
Other reserves
2025
2024
£'000
£'000
At the beginning of the year
366
342
Other movements
88
24
At the end of the year
454
366
28
Contingent liabilities

The overdrafts of the UK based subsidiaries are secured by cross guarantees between the parent company and its fellow subsidiaries. The net outstanding overdraft at the year end was £Nil (2024: £Ni l).

ATLAS COPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 46 -
29
Events after the reporting date

There are no post balance sheet events requiring disclosure in respect to the year ended 31 December 2025.

30
Controlling party

The Company’s ultimate parent and ultimate controlling party is Atlas Copco AB, which prepares consolidated group financial statements. This company is incorporated in Sweden and its registered address is SE‑105 23 Stockholm., Sweden. Copies of its financial statements are available from the Patent and Registration Office, Bolagsavdelningen, Storgatan 13, S85181, Sundsvall, Sweden. This is the largest and smallest company which prepares group financial statements

The immediate parent company and controlling party is Atlas Copco UK Holdings Limited, a company incorporated in Great Britain and registered in England and Wales. The Company's registered address is Swallowdale Lane, Hemel Hempstead, Hertfordshire, HP2 7EA. Atlas Copco UK Holdings Limited does not prepare group financial statements. Copies of the company’s financial statements can be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. In the opinion of the directors, the company's ultimate parent company and ultimate controlling party is Atlas Copco AB, a company incorporated in Sweden. Copies of the group financial statements of Atlas Copco AB are available from the Patent and Registration Office, Bolagsavdelningen, Storgatan 13, S85181, Sundsvall, Sweden.

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