These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Bracco Horizons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Magdalen Centre, The Oxford Science Park, Oxford, UK, OX4 4GA.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in US dollar 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 has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Bracco Horizons Limited is a wholly owned subsidiary of Bracco Imaging Spa and the results of Bracco Horizons Limited are included in the consolidated financial statements of Bracco S.p.A which are available at Business Register of the Chamber of Commerce of Milan, Monza, Brianza, Lodi, Italy.

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.

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, and warrants, 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 through the 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.

Included within fixed asset investments are a number of warrants which have been held at fair value at the reporting period end. Included within the profit or loss is an adjustment to reflect the underlying fair value of the warrants as at the period end.

Where terms and conditions of warrants are modified before they vest, the change in the fair value of the warrants, measured immediately before and after the modification, is also recognised in the profit or loss.

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.

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.

Dividends

Dividends are recorded as an income when paid by the subsidiary and approved by the board.

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

The company makes an estimate of the recoverable value of its investments and will impair the carrying value when necessary. When assessing impairment of investments, management considers factors including the current profitability, strength of balance sheet, historical experience and local economic conditions.

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

During the year the company has been issued two additional tranches of warrants of 470,587 and 3,857,623 (2024: 18,400,000) from Blue Earth Therapeutics Limited. Management have assessed that the warrants constitute a financial asset as the warrants grant rights to a number of shares for a fixed consideration of $2.40 and $0.80 respectively (2024: $3) per warrant. It should be noted that the previous exercise price of $3 was modified in the year to $2.40 and additional warrants were awarded at $0.80. At the year end, a value of $524,613 (2024: $nil) has been recognised in fixed asset investments to reflect the fair value of the warrants with the movement in the year of $524,613 (2024: $nil) being recognised as income in the profit or loss.

The fair value of the warrants at the year end has been determined using the Monte-Carlo Simulation Model. For the grants at the year end, the key inputs to each model are: the fair value of Blue Earth Therapeutics Limited at the valuation date; the exercise price which dictates whether the Company will choose to exercise their option; the volatility and remaining expected term length.

During the year, the company also purchased an additional 21,641,060 shares in Blue Earth Therapeutics in return for $16,312,995.

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

On 31 July 2019 Bracco Horizons Limited acquired Blue Earth Diagnostics Limited, a molecular imaging diagnostics company based in Oxford, United Kingdom. Blue Earth Diagnostics Limited registered address is at Magdalen Centre, Oxford Science Park, Oxford, Oxfordshire, OX4 4GA, United Kingdom.

On 26 February 2021, the company incorporated a new subsidiary Blue Earth Therapeutics Limited, for the purpose of exploring Therapeutic nuclear medicine (Theranostics) based in Oxford, United Kingdom. Blue Earth Therapeutics Limited registered address is at Magdalen Centre, Oxford Science Park, Oxford, Oxfordshire, OX4 4GA, United Kingdom. During the current and previous year, Bracco Horizons Limited along with other external parties invested in Blue Earth Therapeutics in return for share capital therefore Bracco Horizons Limited does not have 100% shareholding at the balance sheet date.

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Amounts owed to group undertakings comprise of intercompany balances that are unsecured, interest free and repayable on demand.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

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.

The smallest and largest group in which the results of the company are consolidated is that headed by Bracco s.p.A, the accounts of which are available at Business Register of the Chamber of Commerce of Milan, Monza, Brianza, Lodi, Italy. Bracco s.p.A is the ultimate holding company, controlling party and is incorporated and registered in Italy. Its registered office address is Via Egidio Folli 50, 20134 Milan, Italy.

Bracco Imaging Spa is the immediate parent company of Bracco Horizons Limited and its registered office address is at Via Egidio Folli 50, 20134 Milan, Italy.