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

DataArt Technologies UK Ltd is part of the DataArt Group, a global software engineering firm that delivers breakthrough data, analytics, and AI platforms for the world's most innovative organisations. As the partner for progress in the age of AI, DataArt's world-class teams artfully design and engineer data-driven, cloud-native solutions that generate immediate and enduring business value, bringing together 6,000+ experts in 40+ locations across the US, Europe, Latin America, India, and the Middle East.

DataArt helps clients by building software that drives revenue, efficiency, and competitive advantages. The company's approach centres on five core capabilities:

1. Custom software development: Building products from concept to launch.

2. Legacy system modernisation: Replacing ageing infrastructure that blocks growth.

3. Technical advisory: Providing expert guidance on architecture decisions, tech stack selection, and scaling strategies.

4. Engineering team augmentation: Deploying specialised engineers—cloud architects, data scientists, and AI/ML engineers—exactly when clients need them.

5. Application maintenance and optimisation: Keeping critical systems running whilst reducing operational costs.

Industry Expertise

DataArt delivers solutions across key industry sectors with dedicated teams that understand each sector's unique challenges and requirements.

Financial Services – The company works across asset management, capital markets, insurance, banking, and payments. Clients include banks, exchanges, hedge funds, market data providers, rating agencies, insurance companies, and fintech firms. DataArt delivers regulatory-compliant solutions with deep domain knowledge backed by CFA certification.

Healthcare & Life Sciences – DataArt builds solutions that improve patient care and accelerate clinical processes across hospitals, research facilities, and pharmaceutical companies. Expertise spans patient engagement platforms, digital health and medical devices, drug discovery systems, laboratory informatics, and pharmacovigilance solutions, with understanding of HIPAA and GDPR compliance requirements.

Media & Entertainment – The company serves clients in music business, sports betting, video entertainment, digital media and advertising, and book publishing, developing content management systems, streaming platforms, and audience engagement tools.

Travel, Transport & Hospitality – DataArt works with corporate travel, online travel agencies, transportation systems, aviation, and travel technology clients, building booking platforms, inventory management systems, and customer experience tools that handle high transaction volumes.

Retail & Distribution – The company develops e-commerce platforms, logistics systems, supply chain management tools, and warehouse and inventory management systems, helping retailers build omnichannel capabilities and intelligent automation.

Emerging Industries – DataArt serves clients in education technology, Industry 4.0 and manufacturing, telecommunications, and automotive sectors. In education, the company provides solutions for e-teaching and e-learning, helping to scale digital educational platforms with modern capabilities.

Solutions and Services

Cloud – DataArt provides cloud migration, DevOps, and modernisation services that preserve existing investments. The company helps organisations transition to cloud-native architectures, achieving cost optimisation and improved operational efficiency through managed services and infrastructure automation.

Data & Analytics – The company builds data strategies, analytics platforms, and data pipelines that unlock business value through governed self-service capabilities. DataArt's data engineering teams create infrastructure that achieves high data consistency, improving reliability, and enabling data-driven decision-making.

Artificial Intelligence – DataArt moves AI from pilot to production-grade platforms. Services include AI strategy development, machine learning model development, computer vision integration, generative AI implementation, intelligent document processing, and AI-powered workflow automation, that deliver measurable business impact.

Product & Software Engineering – The company manages the complete software development lifecycle from product strategy and architecture to quality engineering and user experience, accelerated by AI at every phase. DataArt builds custom products, deploys specialised engineering teams, and maintains critical applications whilst reducing operational costs.

Cybersecurity – DataArt integrates security throughout the development lifecycle, helping organisations eliminate uncertainties and implement secure solutions that meet regulatory requirements.

Financial key performance indicators

Despite a more challenging market environment, DataArt Technologies UK Ltd delivered a resilient performance and maintained strong operational fundamentals. The year’s financial indicators reflect our continued focus on sustainable business practices and long‑term stability:

Revenue decreased by 5%, compared with a 4% increase in 2024.

Gross profit margin declined by 6%, following a 6% increase in 2024.

Operating profit margin decreased by 12%, compared with a significant 184% increase in 2024.

Staff numbers at year‑end were 98, compared with 101 in 2024 (a decrease of 3%).

Overview of 2025 DataArt Group results:

Committed to AI investment: DataArt Group announced a $100 million investment to strengthen data and AI capabilities over the next three years. Through DataArt Labs, more than 40 innovation programmes moved from concept to execution in 2025, helping clients adopt AI and data capabilities with greater speed and confidence.

Client relationships and trust: The company's top 20 clients have maintained relationships for more than seven years on average, with a Net Promoter Score of 80—double the industry average. DataArt Group maintains a Glassdoor rating of 4.5, with 93% of employees recommending the company to a friend.

Geographic expansion: DataArt welcomed ACL Tech, Chile's premier IT services leader, adding more than 700 colleagues and strengthening nearshore capabilities and expertise in Latin America. This strategic acquisition expands the company's ability to support regional and global clients with greater depth and scale.

Strategic partnerships: The company achieved AWS Premier Tier Partner status and strengthened joint work with Microsoft, Google Cloud, Snowflake, and Databricks. These partnerships provide earlier access to new technologies, more relevant expertise, and shared momentum behind the long-term data and AI direction.

Industry recognition: DataArt appeared in nine reports by Gartner, six reports by Everest Group, and the HFS Research Challenger Series. Additional recognition included the Global Outsourcing 100, Technology Innovator Awards, AI Breakthrough Award, and multiple awards for talent development excellence.

Workforce expertise: Sixty per cent of the production team is senior level, providing depth of expertise that strengthens every delivery. Data and AI engineering roles grew by 20%, now among the top three most hired capabilities. The company maintained an Employee Net Promoter Score of 48%, consistently above 45% for the past five years.

Diversity and inclusion: Women occupy 32% of tech roles at DataArt, significantly stronger than the global industry benchmark of 20%. Attrition for women is 8.6%, well below the industry average of 13%. The company launched two new internal communities focused on Digital Accessibility and Neurodiversity.

Sustainability, Compliance, International Standards

In accordance with DataArt Compliance Policy, DataArt Group is committed to compliance with legislation in all locations where we operate. We also accept the following groups of standards as guidance for sustainability management at DataArt:

• Science-based target initiative (SBTi)

• IFC Performance Standards on Environmental and Social Sustainability   

• The Sustainable Development Goals (SDGs) of the 2030 Agenda

• UN Conventions on environment and labour

• International Labor Organization (ILO) documents.

The Environmental and Social Performance Program underlines DataArt's commitment to the United Nations Sustainable Development Goals (SDGs) and indicates the following SDGs which correspond the most to DataArt's core values.

In 2025 DataArt has validated its near-term science-based greenhouse gas (GHG) emissions reduction targets, in adherence to its prior commitment.

Specifically, DataArt Technologies UK was awarded the EcoVadis Silver Medal, placing it in the 92nd percentile globally, in recognition of its strong and sustained efforts in sustainability. EcoVadis is a globally recognised platform that assesses companies’ environmental, social and ethical performance across their supply chains.

DataArt People

In 2025, DataArt Group focused on expanding its global footprint while deepening its commitment to a senior-led, highly engaged workforce. The company balanced growth with operational stability, reinforcing its dedication to sustainable development and long‑term partnerships.

• Total headcount across the consolidated Group increased by 13% in 2025, including 2% organic growth. Employee stability remained a key competitive advantage: total attrition fell to 10.8%, well below the market average of 13.9%, and voluntary attrition was just 5.8%.

• As part of its strategic geographic diversification, DataArt established new operations in Chile, further strengthening its delivery capabilities in LATAM.

The company maintained a highly experienced team, with senior engineers accounting for 60% of its engineering workforce. This expertise is underpinned by strong engagement, evidenced by an eNPS of 48% and an average employee tenure of 4.7 years.

Society and Communities

DataArt Group actively cultivated relationships with internal and external communities, enhancing its capacities and pioneering new opportunities. Educational initiatives and measures aimed at improving the health and well‑being of communities were successfully developed and implemented by the company.

In 2025, the DataArt Group’s Professional Communities demonstrated the power of collaboration, growth, and innovation. With over 3,000 colleagues engaged, 580 professional meetings held, and 24 educational projects completed, our communities have become a driving force in professional development and cross‑functional teamwork.

Key achievements this year include the launch of the AI Community, which delivered 73 educational sessions with more than 2,500 participants, along with updates to qualification matrices that now include AI literacy and AI‑related skills for Node.js and React Native. New learning offerings were introduced, such as AI‑enhanced courses for technical writers, AI for Design Learning, AI and Data Fluency checks for client‑facing roles, and an AI Coding Challenge for .NET engineers. The year also featured seven AI adoption and opportunity sessions for Python, the release of A Development Guide to Enterprise AI with Spring AI, and a Copilot Coffee Talk for iOS Developers.

Additionally, numerous joint activities were conducted between the AI community and other technical professional communities, including QA, QAA, Product, .NET, JS, Python, SAB, Team Spirit, and PM.

Beyond structured learning, our communities hosted events that brought together more than 3,000 attendees, fostering discussions on emerging technologies, sharing project successes, and encouraging innovative thinking.

Looking ahead to 2026, we aim to expand participation globally, launch more cross‑community projects, and reinforce a culture of continuous learning and collaboration, especially in the area of AI adoption across different professional domains.

We held 9 webinars on topics related to mental health, 9 articles in corporate magazine and blog, 5 psychological groups covering burnout, relocation stress, emotional intelligence and a psychological support group for PMs, HRs and People Partners.

Our corporate Mental Health Support Service “Helpline” received more than 50 “new” requests from colleagues who never contacted the service before, and there were more than 4400 hours of Helpline consultations in 2025. Our 16 volunteers and 4 corporate psychologists speak English, Spanish, German, Ukrainian, Polish and Russian, so everyone who needs psychological help can receive it in their native language.

As part of our commitment to gender diversity, DataArt actively collaborates with external initiatives that support women in technology. In parallel, we have developed a set of internal programs to advance women’s growth, visibility, and long-term career development.

Internally, the “She for Her” mentoring program provides a structured and supportive space for women at DataArt to develop their careers. To date, the program has completed 2 iterations, engaging 32 mentees and 23 mentors, creating opportunities for learning, connection, and professional growth. In 2025, the program was named a Gold Winner in the Brandon Hall Group HCM Excellence Awards. This work is complemented by additional internal initiatives, including Women in IT articles, Women's Day activities, burnout awareness materials, ongoing reviews of internal processes through a gender equity lens, and networking local events.

In 2025, we also launched a Reverse Mentoring pilot as part of our broader inclusion strategy. Traditionally, mentoring is seen as a one-way relationship in which senior professionals guide those earlier in their careers. Reverse Mentoring intentionally challenges this model by positioning early- and mid-career colleagues as mentors, enabling experienced leaders to learn from perspectives rooted in emerging trends, digital fluency, and evolving workplace culture.

The program is designed as a space for mutual learning, focused on connection and growth rather than hierarchy or titles. Currently, 7 mentors are engaged in the initiative, with the first full iteration planned for 2026.

In 2025, a Neurodiversity Community was also established, with more than 15 members, to support more inclusive ways of working. The community brings together both neurodivergent colleagues and allies, and meets regularly to share experiences, exchange insights, and build awareness. It is a space for peer support and to talk about accessibility, accommodations, and inclusive work design.

Environment

As free and responsible individuals, we see that human activity is changing the world. DataArt knows that man-made climate change is real and poses a significant threat to the planet and its inhabitants. DataArt takes responsibility for climate, waste, energy, water, and other natural resources. We implement technically and financially feasible and cost-effective measures to improve the efficiency of our consumption of energy, water, as well as other natural resources. 

• In 2025, DataArt Group. had its near-term science-based greenhouse gas (GHG) emissions reduction targets validated by SBTi Services and committed to reducing absolute Scope 1 and 2 GHG emissions by 56.6% by 2030, using 2019 as the base year.

• Total Scope 2 market-based emissions from electricity and heat consumption in 2025 decreased by 20% compared to 2024 and by 80% compared to the 2019 base year, amounting to 544 tonnes of CO2e, primarily due to a shift to renewable energy in EU locations.

• Actual GHG emissions from business air travel (Scope 3) increased by 29% to 736 tonnes of CO2e. However, after carbon credit offsets through the GreenPerk program, net emissions increased by only 7% to 344 tonnes of CO2e, which is 64% lower than in 2019.

• Scope 3 emissions from IT hardware purchases increased by 22% to 346 tonnes of CO2e but remained 17% lower than in 2019.

Our Customer Privacy

Customers of DataArt deal with the personal data of their staff and clients. These databases are of different sizes and sensitivity: some may contain names of few natural persons, and some – financial details of hundreds and thousands of users.  

As a software service provider, DataArt may get access to customers’ databases within the course of service provision. We treat data privacy as one of our core tasks so that customers can rely on us. 

DataArt’s Personal Data Protection Policy (the latest version as of 24/07/2025) encloses the main principles of personal data management, such as lawfulness, fairness, transparency, purpose limitation, data minimisation, accuracy, storage limitation, accountability, integrity, and confidentiality, and further reflects the requirements and risk‑based approach introduced by the EU Artificial Intelligence Act.

DataArt ensures compliance with both local and international laws and regulations. The Policy is reinforced by mandatory annual awareness training for all employees and contractors.

DataArt ensures that all relationships involving personal data processing are subject to a documented contract that includes the specific information and terms required by the applicable regulations. At DataArt, appropriate personal data processing responsibilities are distributed between respective groups (such as Delivery Teams, Compliance Department, Information Security Department, etc.). 

Grievance mechanisms for reporting and managing privacy incidents are integral to the contracts and internal procedures. For the covered period, there were no personal data breaches reported. 

Principal risks and uncertainties

The risks identified at a DataArt Group level are detailed below. These may not specifically affect the UK company on a standalone basis, but the ability to deliver services to DataArt Technologies UK Ltd customers utilising the development centre resources would be significantly impacted should the following risk factors arise.

Our ability to achieve anticipated growth may be impacted, which could result in a significant strain on our management, systems, resources, and overall operations. Additionally, the slowdown in the IT outsourcing market and potential economic and political risks, including aggressive tariffs policy by the USA might lead to revision of Company’s geographies of HR resources and pricing strategy. Threats caused by increasing role of AI agents, replacing human work, might influence the existing personnel’s jobs security. Despite these challenges, we remain committed to finding innovative solutions to ensure the long-term success of our business thru management strategic sessions, dynamic budget planning and controls and stable financial position, assuming sufficient reserves to cover potential risks

Infectious disease outbreaks, such as COVID-19 and seasonal influenza, can have a significant impact on our business operations. In addition to the potential direct health risks to our employees, these outbreaks may also lead to government-imposed restrictions on travel and gatherings, which could cause a reduction in business activities. While we take these risks seriously and have implemented measures to protect our employees, we remain optimistic and proactive in our approach to navigating these challenges.

Our profitability and growth plans may suffer significant adverse impacts if we are unable to efficiently integrate or manage acquired companies, or if acquisitions fail to meet our performance expectations.

Our staff works in a challenging environment where armed conflicts and natural disasters, i.e., earthquakes, are present. We take extra precautions to ensure the safety and security of our team members by closely monitoring potential risks and taking measures to prevent any harm. Our top priority is to keep our staff safe and secure, and we are committed to doing everything possible to minimize any risk of injury or harm caused by military force or natural disasters.

To maintain profitability, it is essential that we effectively recruit, hire, train, and retain skilled personnel to manage our clients' projects and ensure their satisfaction. Additionally, it is crucial that we make optimal use of our workforce.

The markets where we conduct business, our clientele, and our ability to provide services may all be impacted by acts of violence, such as war, terrorism, or natural and man-made disasters.

Gender inequality risks are monitored in DataArt in order to prevent the following practices: unequal pay, limited opportunities for advancement, hostile work environment, and lack of representation.

With the introduction of the UK's net zero target, it's important for DataArt to consider climate-related actions to avoid potential risks for businesses. These could include challenges like managing reputational concerns, navigating regulatory changes, addressing supply chain vulnerabilities, responding to investor expectations, and staying competitive in the evolving landscape

Future developments

As DataArt moves into 2026, the focus remains on scaling proven capabilities from 2025. Key priorities include:

• Delivering more AI projects with measurable business impact

• Equipping more engineers with tools that increase effectiveness and productivity

• Strengthening partnerships that provide clients with technical advantages

The company continues to build capabilities that have demonstrated value rather than pursuing emerging trends without proven application.

DataArt remains committed to broadening its global footprint, with particular emphasis on Latin America and India, where strong potential exists for talent and market growth. The company continues expanding AI, data management, and cloud capabilities whilst strengthening design and user experience expertise to provide comprehensive digital experiences.

The growth strategy centres on talent investment, professional development, and a strong company culture that fosters innovation and collaboration. Whilst the company remains agile in responding to market shifts, DataArt has no plans for substantial changes to the business model or day-to-day operations.

Section 172(1) Statement (DataArt Technologies UK Ltd)

The Company directors understand and are aware of their duty under section 172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, to have regards (amongst other matters) to:

a)     The likely consequences of any decision in the long term

b)     The interests of the Company's employees

c)    The need to foster the Company's business relationships with suppliers, customers and others

d)    The impact of the Company's operations on the community and the environment

e)    The desirability of the Company to maintain a reputation for high standards of business conduct and

f)    The need to act fairly as between members of the Company

On behalf of the board

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

The principal activity of the company continued to be that of information technology service activities.

The results for the year are set out on page 15.

Interim ordinary dividends were paid amounting to £7,000,000. The directors do not recommend payment of a further dividend.

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

Directors responsibilities'

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

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

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

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

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

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

The company will continue to develop and explore new business markets within the UK and the Rest of the World.

We have audited the financial statements of DataArt Technologies UK Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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 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.

As explained more fully in the directors' responsibilities statement, 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.

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

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

Our audit approach was developed by obtaining an understanding of the company’s activities, the key functions undertaken by management, and the overall control environment. Based on this understanding we determined an overall materiality and assessed those aspects of the company’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006, FRS 102 and data protection laws.

We designed audit procedures to respond to the risk, recognising that 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, misrepresentation or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:

• agreement of the financial statements disclosures to underlying supporting documentation;

• enquiries of management; and

• considering the effectiveness of control environment in monitoring compliance with laws and regulations.

These are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of going concern, revenue recognition and management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DataArt Technologies UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 King William Street, London, EC4R 9AD.

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

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

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

The Company is a subsidiary company included in the consolidated financial statements of its immediate parent undertaking under Company law and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006. The parent company consolidating is DataArt Enterprises Inc, of 475, Park Avenue, South 9th Floor, New York, 10016.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. In assessing whether the going concern assumption is appropriate, management has taken into account all available relevant information about the future, which is at least, but is not limited to, 12 months from the date when the financial statements are authorised for issue.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from contracts with customers using a five-step model:

1. Identify the contract with a customer

A contract is recognised when it creates enforceable rights and obligations between the company and the customer.

2. Identify the performance obligations

The company identifies the distinct goods or services promised in the contract.

3. Determine the transaction price

The transaction price is the amount of consideration the company expects to receive in exchange for transferring goods or services to the customer.

4. Allocate the transaction price

Where a contract contains multiple performance obligations, the transaction price is allocated to each performance obligation based on their relative standalone selling prices.

5. Recognise revenue when (or as) each performance obligation is satisfied

• Sale of goods – revenue is recognised at the point in time when control of the goods passes to the customer, usually on delivery.

• Rendering of services – revenue is recognised over time as the services are provided, measured based on the stage of completion of the contract.

• Variable consideration – amounts such as discounts, rebates, or bonuses are included in the transaction price only to the extent that it is highly probable that a significant reversal of revenue will not occur.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets 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:

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

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.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period 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.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.

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

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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

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

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

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

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

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

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

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

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

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

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

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, 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 the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

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

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

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

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date, so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified, before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

At inception, the company assesses whether a contract is, or contains, a lease. A lease arises where the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control of the use of an asset occurs where the company has both the right to direct the use of the asset, and the right to obtain substantially all the economic benefits from that use.

Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within the same line items on the Balance sheet as owned assets.

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

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 company's incremental borrowing rate or the company’s obtainable borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be payable under residual value guarantees, the exercise price of any purchase options that the company is reasonably certain to exercise, and any penalties for early termination of a lease.

At each financial period end, the lease liability is adjusted to reflect payments made and interest accrued. Also, the lease liability is remeasured to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. 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 recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

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

In the comparative period, the company classified leases as finance leases whenever the terms of the lease transferred substantially all the risks and rewards of ownership to the lessees. All other leases were classified as operating leases. Assets held under finance leases were recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability was included in the balance sheet as a finance lease obligation. Lease payments were treated as consisting of capital and interest elements and the interest was charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, less any lease incentives received, were charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis was more representative of the time pattern in which economic benefits from the leased asset were consumed.

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the financial currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical costs are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Interest income

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

In the current year, the FRS 102 Periodic Review was applied by the company for the first time and affects the financial statements as follows.

The company has applied the FRS 102 Periodic Review 2024 amendments to Section 20 Leases as an adjustment to the opening balance of retained earnings at the date of initial application, unless such an adjustment to the opening balance of retained earnings is not considered necessary due to its value being insignificant to these financial statements, in which case no adjustment has been made to opening balances. Comparative information is not restated.

On transition, right-of-use assets of £1,041,891 and lease liabilities of £781,969 were recognised. There was no impact on retained earnings.

The company’s revised accounting policies for leases are set out in note 1 and the adjustment for each financial statement line item affected by the application of the Periodic Review 2024 in the current period is set out below.

The company has applied the FRS 102 Periodic Review 2024 amendments to Section 23 Revenue as an adjustment to the opening balance of retained earnings at the date of initial application, unless such an adjustment to the opening balance of retained earnings is not considered necessary due to its value being insignificant to these financial statements, in which case no adjustment has been made to opening balances. Comparative information is not restated.

The company’s revised accounting policies for revenue are set out in note 1 and the adjustment for each financial statement line item affected by the application of the Periodic Review 2024 is set out below.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

There were critical judgements relating to share-based payment plans in the period. The Company has applied the standard set out by Chapter 26 of FRS 102. Shared-based payments are measured at their fair value at the date of the grant.

The fair value of share stock options are measured using the Black-Scholes formula. No services or non-market performance conditions are attached to the grants. Shares granted to employees and contractors are recognised at full price, determined by a third party valuation on the day of the grant. Restricted stock units with non-vesting conditions are measured 50% discount of the fair value at the date of the grant.

There were critical judgements related to the recognition of deferred tax assets in the period. The company has recognised a deferred tax asset on carried forward tax losses to the extent there are sufficient estimated future taxable profits and/or taxable temporary differences against which the tax losses can be utilised.

Investments are held at cost less impairment and a review of impairment indicators is carried out annually. If any indicators of impairment are identified, a third-party valuation is obtained. Management have not identified any indicators of impairment which would have an impact on the carrying value of the investments are the year end. Therefore, management have judged that it was not necessary to obtain a third-party valuation. Further details can be found in note 15.

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

Their aggregate remuneration comprised:

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

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

Registered office addresses (all UK unless otherwise indicated):

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

The deferred tax includes a deferred tax asset of £3,398,721 (2024: £3,311,794), which relates to the Restricted Stock Units (RSU's) granted to UK employees and a deferred tax liability of £19,022 (2024: £11,459).

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

The company recognises right-of-use assets and lease liabilities for property leases. Lease liabilities are measured at the present value of future lease payments, discounted using the company’s incremental borrowing rate.

The right-of-use asset is measured at cost, comprising the initial lease liability adjusted for any prepaid lease payments, and is depreciated on a straight-line basis over the lease term.

Variable service charges relating to leased properties are recognised as an expense in the period incurred and are not included in the measurement of the lease liability.

The company operates a share-based payment arrangement under which Restricted Stock Units (“RSUs”) are granted to employees. The RSUs vest upon the occurrence of an exit event, at which point employer’s National Insurance Contributions (“NICs”) become payable based on the market value of the underlying shares at the date of vesting.

A provision is recognised in the financial statements for the expected employer’s NIC liability arising on these awards. The provision is measured based on management’s best estimate of the expenditure required to settle the obligation at the reporting date.

The provision is inherently uncertain as it depends on the occurrence and timing of an exit event and the share price at that date. The provision at the balance sheet date is based on a valuation of the underlying share price at the balance sheet date, but any eventual NICs due will be based on the share price at the date the RSUs vest. Changes in these assumptions may therefore result in material adjustments to the provision in future periods.

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

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The Company operates an equity settled Performance Share Plan for employees. In accordance with the scheme rules, options are exercisable at a nominal value to all vesting conditions being met. The vesting conditions are continued employment and the ultimate parent company achieving a successful Initial Public Offering. The options expire twelve years after the grant date. There no changes to the terms of the plan during the year.

The share based payment charged has been disclosed in note 4.

During the year ended 31 December 2025, the Company has adopted the recognition of right-of-use assets for leases previously classified as operating leases. As a result, lease commitments previously disclosed as operating lease commitments have been capitalised on the statement of financial position as right-of-use assets and corresponding lease liabilities. The total commitment disclosed as at 31 December 2024 was £1,216,151.

The company's immediate parent company is DataArt London Ltd a company incorporated in England & Wales. The company's ultimate controlling party is DataArt Enterprises Inc, a company incorporated in the USA.

Share based payments

This reserve recognises equity settled in the Restricted Stock Unit (RSU) option incentive scheme.

Profit and loss account

All current and prior period retained earnings.

The company has recognised a provision for national insurance contributions (NICs) that will become due on vesting of the Restricted Stock Units (RSUs) that were granted in the current and prior accounting periods (see note 23). In previous accounting periods, this was included within equity alongside the share-based payment reserve recognised when those RSUs were granted. However, the NIC provision should be recognised as a provision within liabilities on the balance sheet and should not have been recognised within equity. A prior period adjustment has been included within these financial statements to correct the historical misallocation.