Company registration number 04087007 (England and Wales)
BRACCO UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
BRACCO UK LIMITED
COMPANY INFORMATION
Directors
Ms S Oldham
Mr A Gaiani
Mr M De Francesco
(Appointed 11 October 2025)
Secretary
Mr M Quinan
Company number
04087007
Registered office
Magdalen Centre
The Oxford Science Park
Oxford
Oxfordshire
UK
OX4 4GA
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
BRACCO UK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
BRACCO UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

There was an increase in turnover of £3,085k (8.5%) predominately due to an increased injector install base. To strengthen the customer value proposition for Bracco UK, the national service centre is now fully operational.

The main driver for this increase in revenue was the Device Injector (DI) business which contributed £18,468k (46.9%) of the total 2025 revenues of £39,372k (2024: £36,287k). This is attributed to additional Government funding for diagnostic healthcare and the implementation community diagnostic centres.

The company’s gross profit has increased by 6.3% to £13,455k (2024: £12,662k). The company has a varied and balanced portfolio of products which is a critical factor in the development of the business. The split of product type is 59% devices and 41% pharmaceutical products. Administration costs increase in 2025 due to investment in the UK service centre resulting in a operating profit margin 8.7% (2024: 9.0%).

Principal risks and uncertainties

The company has the NHS as its principal customer base, which continues to be a price competitive market. The prices expected to erode in some market segments but strengthen in other segments due to historically low prices being renegotiated. To mitigate this, the company is increasing its average selling price on contracts renewals and marketing and promoting higher margin products. The company also benefits from being able to offer a wide range of products to a market with traditionally high demand. Sales growth in our products indicate that the market for the company’s products will continue for the foreseeable future. Furthermore, the NHS is government supported and not considered to represent a credit risk.

Procurement for medicines and medical devices within the NHS continues to undergo change and the company actively participates in trade associations and other forums to ensure it keeps pace with the changing face of public procurement as well as keeping abreast of developments with competitors.

Key performance indicators

The key performance indicators of the business are turnover and operating profit which are in the business review above

Future Developments

There are no future developments expected as the company’s direction of activities remain consistent.

On behalf of the board

Ms S Oldham
Director
14 May 2026
BRACCO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Principal activities

The principal activity of the company comprise selling and distributing contrast media and medical devices.

There are no manufacturing activities carried out by Bracco UK Limited.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,000,000 (2024: £2,000,000). The directors recommend payment of a final dividend of £Nil (2024: £1,000,000).

Directors

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

Mr E Tettamanti
(Resigned 10 October 2025)
Ms S Oldham
Mr A Gaiani
Mr M De Francesco
(Appointed 11 October 2025)
Financial instruments
Financial risk management objectives and policies

The Company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The company does not use derivative contracts for speculative purposes.

Cash flow risk

The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The directors do not consider this risk to have a significant impact on the business and therefore have not undertaken any hedging strategies to mitigate this risk.

Liquidity risk

Liquidity risk is mitigated for the company as it monitors its day-to-day liquidity position and runs periodical cashflow forecasts to ensure sufficient funds are available to finance working capital. Moreover, the risk is considered low as the cash balances are sufficient to cover the Company’s liabilities.

Credit risk

The Company’s principal financial assets are cash and cash equivalents and trade and other receivables.

The Company’s credit risk is primarily attributable to its trade receivables. As most of its trade receivables are from NHS institutions, any risk is calculated as small. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for doubtful receivables is made on expected loss, and estimate updated on evidence of a reduction in the recoverability of the cash flows. The company manages its credit risk by undertaking credit checks on its customers and regular reviews of outstanding debt from customers.

BRACCO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Going concern

The Company’s business activities, together with the factors likely to affect its future development and position, are set out in the Strategic report.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has considerable financial resources together with long term contracts with most of their customers, an operating profit of £3,434k with net current assets of £6,199k. The company maintains a cash balance of £3,617k whilst having no debt. Additionally, 2025 has remained profitable and cash-flow positive, and it is expected to be for at least 12 months from the date of signing.

Energy and carbon report

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

Statement of disclosure to auditor

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

On behalf of the board
Ms S Oldham
Director
14 May 2026
BRACCO UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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.

BRACCO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRACCO UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Bracco UK Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

BRACCO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRACCO UK LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

BRACCO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BRACCO UK LIMITED (CONTINUED)
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s member 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 member, those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

David Green MA (Cantab) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Accountants
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
HP9 2JH
14 May 2026
BRACCO UK LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£000s
£000s
Revenue
3
39,372
36,287
Cost of sales
(25,917)
(23,625)
Gross profit
13,455
12,662
Administrative expenses
(10,169)
(9,631)
Other operating income
148
223
Operating profit
4
3,434
3,254
Finance costs
8
(25)
(8)
Other gains and losses
9
(45)
(9)
Profit before taxation
3,364
3,237
Tax on profit
10
(1,008)
(725)
Profit and total comprehensive income for the financial year
2,356
2,512
BRACCO UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£000s
£000s
£000s
£000s
Non-current assets
Intangible assets - goodwill
12
2,060
2,060
Other intangible assets
12
24
38
Property, plant and equipment
13
1,410
1,387
Deferred tax asset
19
-
0
42
3,494
3,527
Current assets
Inventories
14
6,479
5,947
Trade and other receivables
15
5,485
7,114
Cash and cash equivalents
3,617
1,834
15,581
14,895
Current liabilities
16
(9,382)
(10,139)
Net current assets
6,199
4,756
Total assets less current liabilities
9,693
8,283
Non-current liabilities
16
(565)
(642)
Provisions for liabilities
Deferred tax liabilities
19
(131)
-
0
Net assets
8,997
7,641
Equity
Called up share capital
22
-
0
-
0
Capital redemption reserve
23
3,500
3,500
Retained earnings
5,497
4,141
Total equity
8,997
7,641
The financial statements were approved by the board of directors and authorised for issue on 14 May 2026 and are signed on its behalf by:
Ms S Oldham
Director
Company registration number 04087007 (England and Wales)
BRACCO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£000s
£000s
£000s
£000s
Balance at 1 January 2024
-
3,500
3,629
7,129
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
2,512
2,512
Transactions with owners:
Dividends
11
-
-
(2,000)
(2,000)
Balance at 31 December 2024
-
0
3,500
4,141
7,641
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
2,356
2,356
Transactions with owners:
Dividends
11
-
-
(1,000)
(1,000)
Balance at 31 December 2025
-
0
3,500
5,497
8,997
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Bracco UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Magdalen Centre, The Oxford Science Park, Oxford, Oxfordshire, UK, OX4 4GA. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The 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 £000s.

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

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- inclusion of an explicit and unreserved statement of compliance with IFRS;

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- related party disclosures for transactions with the parent or wholly owned members of the group.

Where required, equivalent disclosures are given in the group accounts of Bracco S.p.a. The group accounts of Bracco S.p.a are available to the public and can be obtained as set out in note 24.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.

Turnover is recognised when the goods are delivered and accepted by customer when the significant risks and rewards of ownership of the goods have passed to the buyer and amount can be measured reliably. Sales returns are only issued on incorrect orders from customer or damaged on delivery and are deducted from total turnover.

Maintenance contract revenue is recognised over the length of contract.

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Goodwill

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

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

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

1.5
Intangible assets other than goodwill

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

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

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

Software 4 years

1.6
Property, plant and equipment

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

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

Leasehold improvements
2 - 11 years
Plant and equipment
3 years
Right of Use Assets
Length of lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Impairment of tangible and intangible assets

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

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

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

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

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

1.8
Inventories

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

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

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

1.9
Cash and cash equivalents

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

1.10
Financial assets

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

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

Financial assets at fair value through profit or loss

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

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Financial assets held at amortised cost

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

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

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

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

Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables. Loans and receivables are measured at amortised cost, less any impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.11
Financial liabilities

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

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

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

Deferred tax

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

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

1.14
Employee benefits

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

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

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

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.15
Retirement benefits

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

1.16
Leases

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

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

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

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

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end 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 is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

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

2
Critical accounting estimates and judgements

The directors do not consider there to be any accounting judgements that have been made in the process of applying the Company's accounting policies.

Key Sources of estimation uncertainty

The directors do not consider there to be any key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
3
Revenue
2025
2024
£000s
£000s
Revenue analysed by class of business
Sales of goods
37,574
35,514
Maintenance contracts
1,798
773
39,372
36,287
2025
2024
£000s
£000s
Revenue analysed by geographical market
United Kingdom
37,112
34,277
Republic of Ireland
2,260
2,010
39,372
36,287
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£000s
£000s
Depreciation of property, plant and equipment
496
337
(Profit)/loss on disposal of property, plant and equipment
(6)
17
Amortisation of intangible assets (included within administrative expenses)
14
4
Cost of inventories recognised as an expense
25,917
23,625
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£000s
£000s
For audit services
Audit of the financial statements of the company
36
32
For other services
Other services
3
3
6
Employees

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

2025
2024
Number
Number
Sales and Marketing
34
28
Corporate Business
1
1
Total
35
29
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£000s
£000s
Wages and salaries
2,633
2,176
Social security costs
396
285
Pension costs
176
148
3,205
2,609
7
Directors' remuneration
2025
2024
£000s
£000s
Remuneration for qualifying services
191
165
Company pension contributions to defined contribution schemes
11
10
202
175

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

8
Finance costs
2025
2024
£000s
£000s
Interest on financial liabilities measured at amortised cost:
Interest on other loans
25
8
9
Other gains and losses
2025
2024
£000s
£000s
Loss on foreign exchange
(45)
(9)
10
Taxation
2025
2024
£000s
£000s
Current tax
UK corporation tax on profits for the current period
767
725
Adjustments in respect of prior periods
69
-
Total UK current tax
836
725
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
2025
2024
£000s
£000s
(Continued)
- 19 -
Deferred tax
Origination and reversal of temporary differences
172
-
0
Total tax charge
1,008
725

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
£000s
£000s
Profit before taxation
3,364
3,237
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
841
809
Effect of expenses not deductible in determining taxable profit
-
0
(84)
Adjustment in respect of prior years
126
-
0
Other temporary differences
41
-
Taxation charge for the year
1,008
725

A rate of 25% has been applied in the measurement of the Group's deferred tax assets and liabilities as at 31 December 2025.

The company has applied the temporary exception, introduced in May 2023, from the accounting requirements for deferred taxes in IAS 12 relating to Pillar Two, so that the company neither recognises nor discloses information about deferred tax assets and liabbilities in repect of Pillar Two income taxes.

11
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£000s
£000s
£000s
£000s
Ordinary shares
Final dividend paid
500.00
1,000.00
1,000
2,000
12
Intangible fixed assets
Goodwill
Software
Total
£000s
£000s
£000s
Cost
At 31 December 2024
2,060
401
2,461
At 31 December 2025
2,060
401
2,461
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Intangible fixed assets
Goodwill
Software
Total
£000s
£000s
£000s
(Continued)
- 20 -
Amortisation and impairment
At 31 December 2024
-
0
363
363
Charge for the year
-
0
14
14
At 31 December 2025
-
0
377
377
Carrying amount
At 31 December 2025
2,060
24
2,084
At 31 December 2024
2,060
38
2,098

13
Property, plant and equipment
Leasehold improvements
Plant and equipment
Right of Use Assets
Total
£000s
£000s
£000s
£000s
Cost
At 1 January 2025
183
5,835
732
6,750
Additions
-
0
528
15
543
Disposals
-
0
(3,273)
-
0
(3,273)
At 31 December 2025
183
3,090
747
4,020
Accumulated depreciation and impairment
At 1 January 2025
5
5,289
69
5,363
Charge for the year
18
373
105
496
Eliminated on disposal
-
0
(3,249)
-
0
(3,249)
At 31 December 2025
23
2,413
174
2,610
Carrying amount
At 31 December 2025
160
677
573
1,410
At 31 December 2024
178
546
663
1,387
14
Inventories
2025
2024
£000s
£000s
Finished goods
6,479
5,947

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
15
Trade and other receivables
2025
2024
£000s
£000s
Trade receivables
4,932
3,956
Corporation tax recoverable
301
649
Amounts owed by fellow group undertakings
170
2,449
Other receivables
1
1
Prepayments and accrued income
81
59
5,485
7,114

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

16
Liabilities
Current
Non-current
2025
2024
2025
2024
Notes
£000s
£000s
£000s
£000s
Trade and other payables
17
7,012
8,208
-
0
-
0
Taxation and social security
1,332
1,276
-
-
Lease liabilities
18
104
94
501
590
Deferred income
20
934
561
64
52
9,382
10,139
565
642
17
Trade and other payables
2025
2024
£000s
£000s
Trade payables
227
270
Amounts owed to fellow group undertakings
5,392
6,630
Accruals
1,390
1,307
Other payables
3
1
7,012
8,208

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

BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
18
Lease liabilities
2025
2024
Maturity analysis
£000s
£000s
Within one year
104
94
In two to five years
206
283
In over five years
295
307
Total discounted liabilities
605
684

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£000s
£000s
Current liabilities
104
94
Non-current liabilities
501
590
605
684
19
Deferred taxation
Liabilities
Assets
2025
2024
2025
2024
£000s
£000s
£000s
£000s
Deferred tax balances
131
-
0
-
0
42
Deferred tax assets are expected to be recovered after more than one year.
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Deferred taxation
(Continued)
- 23 -

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

ACAs
£000s
Asset at 1 January 2024
(41)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(1)
Asset at 1 January 2025
(42)
Deferred tax movements in current year
Charge/(credit) to profit or loss
173
Liability at 31 December 2025
131

Deferred tax liailities relate to accelerated capital allowances.

20
Deferred revenue
2025
2024
£000s
£000s
Deferred Revenue
998
613
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000s
£000s
Charge to profit or loss in respect of defined contribution schemes
176
148

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 a money purchase scheme for which the pension cost charge for the year amounted to £175,933 (2024: £147,942). At the year end the company had a pension liability of £8,587 (2024: £21,330).

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£000s
£000s
Ordinary shares of £1 each
2
2
-
-
BRACCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
22
Share capital
(Continued)
- 24 -

The Company has one class of ordinary shares which carries no right to fixed income.

The Company’s other reserves are as follows:

The profit and loss reserve represents cumulative profits and losses, net of dividends and other adjustments.

Capital redemption represents the cash received from the parent company after incorporation to fund the operations of the business.

23
Capital redemption reserve
2025
2024
£000s
£000s
At the beginning and end of the year
3,500
3,500

24
Ultimate controlling party

The directors regard Bracco Holding (Imaging) BV, a company incorporated in the Netherlands, as the

immediate parent company.

The directors regard Bracco S.P.A., a company incorporated in Italy, as the ultimate parent company and

ultimate controlling party. The address is Via Caduti di Marcinelle 13, 20134 Milan, Italy.

The smallest and largest group in which the results of Bracco UK Limited are consolidated is Bracco S.P.A.

Copies of the financial statements are available from Via Caduti di Marcinelle 13, 1-20134 Milan, Italy.

2025-12-31 2025-01-01 Mr E Tettamanti Ms S Oldham Mr A Gaiani Mr M De Francesco Mr M Quinan false false CCH Software iXBRL Review & Tag 2025.2 04087007 2025-01-01 2025-12-31 04087007 bus:Director2 2025-01-01 2025-12-31 04087007 bus:Director3 2025-01-01 2025-12-31 04087007 bus:Director4 2025-01-01 2025-12-31 04087007 bus:CompanySecretary1 2025-01-01 2025-12-31 04087007 bus:Director1 2025-01-01 2025-12-31 04087007 bus:RegisteredOffice 2025-01-01 2025-12-31 04087007 2025-12-31 04087007 2024-01-01 2024-12-31 04087007 1 2025-01-01 2025-12-31 04087007 1 2024-01-01 2024-12-31 04087007 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 04087007 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04087007 core:Goodwill core:ContinuingOperations 2025-12-31 04087007 core:Goodwill core:ContinuingOperations 2024-12-31 04087007 core:IntangibleAssetsOtherThanGoodwill 2025-12-31 04087007 core:IntangibleAssetsOtherThanGoodwill 2024-12-31 04087007 core:ComputerSoftware 2025-12-31 04087007 core:ComputerSoftware 2024-12-31 04087007 2024-12-31 04087007 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2025-12-31 04087007 core:PlantMachinery 2025-12-31 04087007 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-12-31 04087007 core:ContinuingOperations 2025-12-31 04087007 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2024-12-31 04087007 core:PlantMachinery 2024-12-31 04087007 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-12-31 04087007 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04087007 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04087007 core:BetweenOneFiveYears 2024-12-31 04087007 core:CurrentFinancialInstruments 2025-12-31 04087007 core:CurrentFinancialInstruments 2024-12-31 04087007 core:Non-currentFinancialInstruments 2025-12-31 04087007 core:Non-currentFinancialInstruments 2024-12-31 04087007 core:ShareCapital 2025-12-31 04087007 core:ShareCapital 2024-12-31 04087007 core:CapitalRedemptionReserve 2025-12-31 04087007 core:CapitalRedemptionReserve 2024-12-31 04087007 core:RetainedEarningsAccumulatedLosses 2025-12-31 04087007 core:RetainedEarningsAccumulatedLosses 2024-12-31 04087007 core:CapitalRedemptionReserve 2023-12-31 04087007 2023-12-31 04087007 core:UKTax 2025-01-01 2025-12-31 04087007 core:UKTax 2024-01-01 2024-12-31 04087007 core:Goodwill 2024-12-31 04087007 core:Goodwill 2025-12-31 04087007 core:Goodwill 2024-12-31 04087007 core:ComputerSoftware 2024-12-31 04087007 2024-12-31 04087007 core:Goodwill 2025-01-01 2025-12-31 04087007 core:ComputerSoftware 2025-01-01 2025-12-31 04087007 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2024-12-31 04087007 core:PlantMachinery 2024-12-31 04087007 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-12-31 04087007 core:LeaseholdImprovements core:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 04087007 core:PlantMachinery 2025-01-01 2025-12-31 04087007 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-01-01 2025-12-31 04087007 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 04087007 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 04087007 core:Non-currentFinancialInstruments core:AfterOneYear 2025-12-31 04087007 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 04087007 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 04087007 bus:FRS101 2025-01-01 2025-12-31 04087007 bus:Audited 2025-01-01 2025-12-31 04087007 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP