IRIS Accounts Production v25.3.0.601 05764775 Board of Directors 1.1.25 31.12.25 31.12.25 Medium entities true false true true false false true true true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 05764775 2024-12-31 05764775 2025-12-31 05764775 2025-01-01 2025-12-31 05764775 2023-12-31 05764775 2024-01-01 2024-12-31 05764775 2024-12-31 05764775 ns15:EnglandWales 2025-01-01 2025-12-31 05764775 ns14:PoundSterling 2025-01-01 2025-12-31 05764775 ns10:Director1 2025-01-01 2025-12-31 05764775 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 05764775 ns10:MediumEntities 2025-01-01 2025-12-31 05764775 ns10:Audited 2025-01-01 2025-12-31 05764775 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 05764775 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 05764775 ns10:FullAccounts 2025-01-01 2025-12-31 05764775 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 05764775 ns10:Director2 2025-01-01 2025-12-31 05764775 ns10:Director3 2025-01-01 2025-12-31 05764775 ns10:Director4 2025-01-01 2025-12-31 05764775 ns10:Director5 2025-01-01 2025-12-31 05764775 ns10:RegisteredOffice 2025-01-01 2025-12-31 05764775 ns5:CurrentFinancialInstruments 2025-12-31 05764775 ns5:CurrentFinancialInstruments 2024-12-31 05764775 ns5:ShareCapital 2025-12-31 05764775 ns5:ShareCapital 2024-12-31 05764775 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 05764775 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 05764775 ns5:ShareCapital 2023-12-31 05764775 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 05764775 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05764775 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 05764775 ns5:PlantMachinery 2025-01-01 2025-12-31 05764775 ns5:FurnitureFittings 2025-01-01 2025-12-31 05764775 ns5:MotorVehicles 2025-01-01 2025-12-31 05764775 ns5:ComputerEquipment 2025-01-01 2025-12-31 05764775 ns10:HighestPaidDirector 2025-01-01 2025-12-31 05764775 ns10:HighestPaidDirector 2024-01-01 2024-12-31 05764775 ns5:OwnedAssets 2025-01-01 2025-12-31 05764775 ns5:OwnedAssets 2024-01-01 2024-12-31 05764775 ns5:PlantMachinery 2024-12-31 05764775 ns5:FurnitureFittings 2024-12-31 05764775 ns5:MotorVehicles 2024-12-31 05764775 ns5:ComputerEquipment 2024-12-31 05764775 ns5:PlantMachinery 2025-12-31 05764775 ns5:FurnitureFittings 2025-12-31 05764775 ns5:MotorVehicles 2025-12-31 05764775 ns5:ComputerEquipment 2025-12-31 05764775 ns5:PlantMachinery 2024-12-31 05764775 ns5:FurnitureFittings 2024-12-31 05764775 ns5:MotorVehicles 2024-12-31 05764775 ns5:ComputerEquipment 2024-12-31 05764775 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 05764775 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 05764775 ns5:CurrentFinancialInstruments 2025-01-01 2025-12-31 05764775 ns5:WithinOneYear 2025-12-31 05764775 ns5:WithinOneYear 2024-12-31 05764775 ns5:BetweenOneFiveYears 2025-12-31 05764775 ns5:BetweenOneFiveYears 2024-12-31 05764775 ns5:AllPeriods 2025-12-31 05764775 ns5:AllPeriods 2024-12-31 05764775 ns5:DeferredTaxation 2024-12-31 05764775 ns5:DeferredTaxation 2025-01-01 2025-12-31 05764775 ns5:DeferredTaxation 2025-12-31 05764775 ns10:OrdinaryShareClass1 2025-12-31 05764775 ns5:RetainedEarningsAccumulatedLosses 2024-12-31

REGISTERED NUMBER: 05764775 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

NIBE ENERGY SYSTEMS LIMITED

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 7 |

Statement of Profit and Loss and Other Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Notes to the Financial Statements | 14 |

NIBE ENERGY SYSTEMS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | P Smith

| R Adderley

| J M Gunnarsson

| L S Nordenfors

| L Rawson

| REGISTERED OFFICE: | Unit 3c

| Broom Business Park

| Bridge Way

| Chesterfield

| Derbyshire

| S41 9QG

| REGISTERED NUMBER: | 05764775 (England and Wales)

| AUDITORS: | S&W Audit

| Statutory Auditor & Chartered Accountants

| 3rd Floor

| 56 Wellington Street

| Leeds

| LS1 2EE

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

REVIEW OF BUSINESS

Turnover grew to £17.4m, from £13.4m in 2024, reflecting growing demand for NIBE's innovative range of heat pump products and services. The growth versus prior year also stems from a strong order performance both in the prior and current year which provides a platform for continued growth.

The company also reversed previous year's performance and returned to profit. The financial performance for the year reflects stable revenue generation and careful cost management.

Key financial highlights for the year include:

o Turnover: £17,388,703

o Operating profit: £211,012

o Operating profit margin: 1.21%.

Management continues to monitor costs closely while ensuring that service quality, equipment availability and technical support remain strong.

During the year, the company continued its expansion into focus sales channels including distribution, heat networks, new homes, and social housing, in addition to forging key strategic partnerships to support the long-term growth plan. Additional training centres with regional colleges have provided more accessibility to product training to upskill the UK workforce in the transitioning heating market. Efforts to increase brand awareness continue, particularly to the end consumer, remaining a focal point for the business to educate homeowners on NIBE's heritage, innovation, and capabilities. Orders increased by 21% during 2025, and this has provided a large order book and a base for further growth in 2026.

There have been several positive regulatory announcements by the UK Government in 2025 which will support the adoption of heat pumps into Social Housing, New Build and the able to pay retrofit market. The company is expanding presence in each of these segments.

The company has a long-range plan in place, with further initiatives underway to deliver accelerated growth in the coming years.

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The directors recognise that the company operates in an environment that presents a number of risks and uncertainties.

The principal risks include:

Market and Economic Conditions

Demand for heating products may be influenced by economic conditions, construction activity, and levels of investment in residential and commercial property. The company regularly monitors economic activity and has expanded market presence in all sales channels and technology types to ensure full market addressability.

Regulatory Environment

Government policies relating to energy efficiency, decarbonisation and renewable heating incentives can have a significant impact on market demand. During 2025 there have been several positive steps taken to accelerate heat pump adoption in the UK. During 2025 an expanded Boiler Upgrade Scheme was announced until 2030 that includes additional heat pump technologies that the company supplies. The Warm Homes plan will provide billions on funding within the Social Housing, and Heat Networks sector which are both focus channels for the company. The delayed Future Homes Standard is expected to be released in 2026 that will provide additional long-term opportunities in the New Build segment.

Supply Chain Risk

The company relies on international manufacturing operations within the wider group. Disruptions to logistics or manufacturing capacity could impact product availability. The company holds an inventory of all major products and spares with forecasting in advance to meet long term demand.

Cost Inflation

Rising transport costs, material prices and general inflation may affect operating margins if not managed effectively. Company management regularly monitors costs and supply chain agreements in place.

Credit Risk

Exposure to credit risk arises from trade receivables. However, the company mitigates this risk through credit insurance and regular monitoring of outstanding balances.

The directors regularly review these risks and implement mitigation strategies where appropriate.

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

KEY PERFORMANCE INDICATORS

The directors consider turnover and profit after tax as the principle KPI used to measure overall company performance.

Key financial performance indicators during the period are as follows:

| 2025 |  | 2024 |  | Change |

Turnover |  | 17,388,703 |  | 13,372,531 |  | 30.03% |

Operating Profit/(Loss) |  | 211,012 |  | (891,296) |  | 1,102,308 |

Profit/(Loss) after tax |  | 237,589 |  | (1,517,889) |  | 1,755,478 |

Current asset as percentage of current liabilities |  | 212.52% |  | 212.45% |  |

Average trade days |  | 50.05 |  | 42.13 |  |

Average number of employees |  | 44 |  | 44 |  |

ON BEHALF OF THE BOARD:

P Smith - Director

27 March 2026

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the distribution and supply of energy-efficient heating, cooling, and renewable energy systems in the United Kingdom. The company specialises in heat pumps, ventilation systems, hot water solutions, and associated technologies designed to support the transition towards low-carbon heating.

The company operates within the wider group of NIBE Industrier AB, an international organisation focused on sustainable energy solutions and energy-efficient climate systems.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

RESEARCH AND DEVELOPMENT

The company are a subsidiary of the parent company, NIBE Industrier AB. As such all new product, design, research, and manufacture is undertaken centrally at the parent companies' international headquarters.

FUTURE DEVELOPMENTS

The directors believe that the long-term outlook remains positive.

Increasing environmental awareness, regulatory support for low-carbon heating solutions and continued technological development are expected to drive further growth in the sector.

The company intends to continue investing in its market presence, technical expertise, and customer support capabilities to further strengthen its position in the UK renewable heating market.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

P Smith

R Adderley

J M Gunnarsson

L S Nordenfors

L Rawson

DISCLOSURE IN THE STRATEGIC REPORT

Certain items required under section 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors report are set out in the Strategic Report in accordance with S414C(1l) Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

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

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR

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

AUDITORS

The auditors, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for re-appointment at the forthcoming Annual General Meeting in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

P Smith - Director

27 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NIBE ENERGY SYSTEMS LIMITED

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Strategic Report, Report of the Directors and Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Strategic Report, Report of the Directors and Financial Statements. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NIBE ENERGY SYSTEMS LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NIBE ENERGY SYSTEMS LIMITED

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We obtained a general understanding of the Company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company's industry and regulation.

We understand that the Company complies with the framework through:

- Outsourcing payroll, accounts preparation and tax compliance to external experts;

- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary; and

- The Directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company's ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.

- UK Taxation Law

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- Made enquiries of management regarding compliance with laws and regulations and any known non-compliance in the year;

- Reviewed legal expense accounts; and

- Obtaining written management representations regarding the adequacy of procedures in place.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the financial statements, especially revenue, via fraudulent manual journal entries, particularly as the size of the Company means that there is little opportunity for segregation of duties.

- Incorrect recognition of revenue

The procedures we carried out to gain evidence in the above areas included:

- Testing of manual journal entries, selected based on specific risk assessments applied based on the client processes and controls surrounding manual journals; and

- Testing a sample of revenue transactions to underlying documentation, including ensuring revenue has occurred and is recognised in the correct period

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NIBE ENERGY SYSTEMS LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Barton BA(Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor & Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

LS1 2EE

7 April 2026

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| as restated |

| Notes | £ | £ |

TURNOVER | 3 | 17,388,703 |  | 13,372,531 |  |

Cost of sales | 13,444,004 |  | 10,598,700 |  |

GROSS PROFIT | 3,944,699 |  | 2,773,831 |  |

Administrative expenses | 3,788,604 |  | 3,666,391 |  |

156,095 |  | (892,560 | ) |

Other operating income | 54,917 |  | 1,264 |  |

OPERATING PROFIT/(LOSS) | 211,012 |  | (891,296 | ) |

Exceptional item | 5 | - |  | 835,958 |  |

211,012 |  | (1,727,254 | ) |

Interest receivable and similar income | 30,834 |  | 49,778 |  |

PROFIT/(LOSS) BEFORE TAXATION | 6 | 241,846 |  | (1,677,476 | ) |

Tax on profit/(loss) | 7 | 4,257 |  | (159,587 | ) |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 237,589 |  | (1,517,889 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR | 237,589 |  | (1,517,889 | ) |

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 89,245 |  | 104,409 |  |

CURRENT ASSETS

Stocks | 10 | 2,437,647 |  | 2,714,394 |  |

Debtors | 11 | 2,886,170 |  | 2,227,345 |  |

Cash at bank and in hand | 1,195,248 |  | 720,084 |  |

6,519,065 |  | 5,661,823 |  |

CREDITORS

Amounts falling due within one year | 12 | 3,067,465 |  | 2,664,955 |  |

NET CURRENT ASSETS | 3,451,600 |  | 2,996,868 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,540,845 |  | 3,101,277 |  |

PROVISIONS FOR LIABILITIES | 15 | 674,566 |  | 472,587 |  |

NET ASSETS | 2,866,279 |  | 2,628,690 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 100 |  | 100 |  |

Retained earnings | 17 | 2,866,179 |  | 2,628,590 |  |

SHAREHOLDERS' FUNDS | 2,866,279 |  | 2,628,690 |  |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 27 March 2026 and were signed on its behalf by:

P Smith - Director

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 100 |  | 4,146,479 |  | 4,146,579 |  |

Changes in equity

Total comprehensive loss | - |  | (1,517,889 | ) | (1,517,889 | ) |

Balance at 31 December 2024 | 100 |  | 2,628,590 |  | 2,628,690 |  |

Changes in equity

Total comprehensive income | - |  | 237,589 |  | 237,589 |  |

Balance at 31 December 2025 | 100 |  | 2,866,179 |  | 2,866,279 |  |

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| NIBE Energy Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Going concern

| The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. Based on these assessments, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

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

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirement of paragraph 33.7.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The company's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically.These include the assessment of provisions against stock and the warranty provision.

| Turnover

| Turnover represents net invoiced sales of goods, net of rebates, excluding value added tax. It is recognised in the profit and loss account on despatch of goods.

| Tangible fixed assets

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

| Plant and machinery | - | 33% on cost and 25% on cost

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 33% on cost and 20% on cost

| Depreciation is charged from the month of purchase.

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other cost incurred in bringing them to their existing location and condition.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

| A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

| Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

| Deferred tax assets and liabilities are not discounted.

| Employee benefits

| Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

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

| Operating lease commitments

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Provisions

| A provision is recognised in the balance sheet when the company has a present legal or constructive obligation as a result of a past event that can be reliability measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. | TURNOVER

| The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

| All turnover arose from activities in the UK.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

| as restated |

£ | £ |

| Wages and salaries | 2,043,679 |  | 1,983,609 |  |

| Social security costs | 274,967 |  | 232,945 |  |

| Other pension costs | 224,714 |  | 196,211 |  |

2,543,360 |  | 2,412,765 |  |

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

| 2025 |  | 2024

| as restated |

| Maintenance and service | 15 |  | 14 |  |

| Sales and marketing | 16 |  | 27 |  |

| Administration | 13 |  | 3 |  |

44 |  | 44 |  |

| 2025 |  | 2024

| as restated |

£ | £ |

| Directors' remuneration | 318,026 |  | 326,882 |  |

| Directors' pension contributions to money purchase schemes | 80,265 |  | 74,500 |  |

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | EMPLOYEES AND DIRECTORS - continued

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

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

| as restated |

£ | £ |

| Emoluments etc | 144,068 |  | 143,136 |  |

| Pension contributions to money purchase schemes | 15,304 |  | 14,412 |  |

5. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

| as restated |

£ | £ |

| Exceptional item | - |  | (835,958 | ) |

| The exceptional items represent costs associated with a change in warehousing facilities, the write off of additional obsolete stock arising from both the move and a change in sales offering as part of a thorough review of costs, and costs recognised in respect of excess F-Gas credits which are no longer needed due to a change in specification of certain goods sold by the company.

6. | PROFIT/(LOSS) BEFORE TAXATION

| The profit (2024 - loss) is stated after charging:

| 2025 |  | 2024

| as restated |

£ | £ |

| Other operating leases | 265,727 |  | 247,488 |  |

| Depreciation - owned assets | 77,998 |  | 76,687 |  |

| Loss on disposal of fixed assets | 7,856 |  | 11,897 |  |

| Auditors' remuneration | 14,595 |  | 14,000 |  |

| Foreign exchange differences | 13,794 |  | 3,910 |  |

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

7. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2025 |  | 2024

| as restated |

£ | £ |

| Current tax:

| UK corporation tax | 7,709 |  | - |  |

| Corporation tax overprovided | - |  | (117,969 | ) |

| Prior year tax adjustment | - |  | (31,955 | ) |

| Total current tax | 7,709 |  | (149,924 | ) |

| Deferred tax | (3,452 | ) | (9,663 | ) |

| Tax on profit/(loss) | 4,257 |  | (159,587 | ) |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge/(credit) included in profit and loss

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

| 2025 |  | 2024

| as restated |

£ | £ |

| Profit/(loss) before tax | 241,846 |  | (1,677,476 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 60,462 |  | (419,369 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 2,012 |  | 2,974 |  |

| Depreciation in excess of capital allowances | - |  | 6,086 |  |

| Utilisation of tax losses | (58,217 | ) | - |  |

| Deferred tax not provided on loss carried forward | - |  | 537,704 |  |

| Prior year adjustment | - |  | (286,982 | ) |

| Total tax charge/(credit) | 4,257 |  | (159,587 | ) |

8. | PRIOR YEAR ADJUSTMENT

| The comparatives (for the year ended 31 December 2024) have been amended to transfer the Other Provisions of £448,367 from Accruals and deferred income in Creditors: Amounts falling due within one year to Provisions and Liabilities. There has been no impact on reporting profits or net assets.

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 91,199 |  | 152,528 |  | 17,689 |  | 111,171 |  | 372,587 |  |

| Additions | 19,402 |  | 40,146 |  | - |  | 11,141 |  | 70,689 |  |

| Disposals | (16,207 | ) | (37,858 | ) | (908 | ) | (1,194 | ) | (56,167 | ) |

| At 31 December 2025 | 94,394 |  | 154,816 |  | 16,781 |  | 121,118 |  | 387,109 |  |

| DEPRECIATION

| At 1 January 2025 | 67,739 |  | 104,237 |  | 6,195 |  | 90,007 |  | 268,178 |  |

| Charge for year | 22,275 |  | 35,621 |  | 5,845 |  | 14,257 |  | 77,998 |  |

| Eliminated on disposal | (14,999 | ) | (31,438 | ) | (681 | ) | (1,194 | ) | (48,312 | ) |

| At 31 December 2025 | 75,015 |  | 108,420 |  | 11,359 |  | 103,070 |  | 297,864 |  |

| NET BOOK VALUE

| At 31 December 2025 | 19,379 |  | 46,396 |  | 5,422 |  | 18,048 |  | 89,245 |  |

| At 31 December 2024 | 23,460 |  | 48,291 |  | 11,494 |  | 21,164 |  | 104,409 |  |

10. | STOCKS

2025 | 2024 |

| as restated |

£ | £ |

| Finished goods | 2,437,647 |  | 2,714,394 |  |

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

2025 | 2024 |

| as restated |

£ | £ |

| Trade debtors | 2,384,765 |  | 1,539,351 |  |

| Amounts owed by group undertakings | 186,364 |  | 26,866 |  |

| Other debtors | 53,950 |  | 95,033 |  |

| Corporation tax | - |  | 132,357 |  |

| Prepayments | 261,091 |  | 433,738 |  |

2,886,170 |  | 2,227,345 |  |

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

2025 | 2024 |

| as restated |

£ | £ |

| Trade creditors | 576,690 |  | 264,440 |  |

| Amounts owed to group undertakings | 1,804,035 |  | 1,853,535 |  |

| Corporation tax | 7,709 |  | - |  |

| Social security and other taxes | 74,693 |  | 58,639 |  |

| VAT | 226,446 |  | 196,317 |  |

| Other creditors | 242,613 |  | 117,786 |  |

| Pension creditor | 698 |  | 22,267 |  |

| Accruals and deferred income | 134,581 |  | 151,971 |  |

3,067,465 |  | 2,664,955 |  |

| Group balances are repayable on demand and are interest free.

13. | LEASING AGREEMENTS

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

2025 | 2024 |

| as restated |

£ | £ |

| Within one year | 299,427 |  | 277,429 |  |

| Between one and five years | 266,093 |  | 341,166 |  |

565,520 |  | 618,595 |  |

14. | PENSION COMMITMENTS

| Pension liability of £698 was due at year end (2024 £22,267).

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| as restated |

£ | £ |

| Deferred tax | 20,768 |  | 24,220 |  |

| Other provisions | 653,798 |  | 448,367 |  |

674,566 |  | 472,587 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 24,220 |  |

| Credit to Statement of Profit and Loss and Other Comprehensive Income during year | (3,452 | ) |

| Balance at 31 December 2025 | 20,768 |  |

| The charge to the profit and loss account relates to capital allowances in excess of depreciation.

NIBE ENERGY SYSTEMS LIMITED (REGISTERED NUMBER: 05764775)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: |  | as restated |

£ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

17. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 2,628,590 |  |

| Profit for the year | 237,589 |  |

| At 31 December 2025 | 2,866,179 |  |

18. | ULTIMATE PARENT COMPANY

| The ultimate parent company is NIBE Industrier AB, a company incorporated in Sweden. Its registered address is Box 14, SE-285 21 Markaryd, Sweden.

| The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is NIBE Industrier AB. Consolidated accounts are available from NIBE Industrier AB, Box 14, Jarnvagsgaten 40, 285 21 Markaryd, Sweden or www.nibe.com.

19. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent and fellow subsidiary undertakings.

20. | ULTIMATE CONTROLLING PARTY

| The controlling party is NIBE AB, a company incorporated in Sweden.

| The ultimate controlling party is NIBE Industrier AB, a company incorporated in Sweden.