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

2025 was a landmark year for Peppy. Following the minority rollover of the group’s non-core employee benefits operating system division, the group is growing profitably for the first time - a milestone that underlines the strength of the business and allows the further development of new products to service the group’s enterprise customers.

Peppy Health Limited was founded in the UK in 2018 with headquarters in London, and expanded its operations to the US in 2022 through its wholly-owned subsidiary, Peppy Health Corporation. Together, they form the Peppy group (“Peppy”).

Peppy operates an online healthcare platform that connects employees with real, human health experts. It works with companies to provide their employees access to remote, specialist support for often overlooked healthcare needs, including menopause, fertility, and women’s and men’s health through content, chat functions and consultations.

Peppy is well positioned as the leading provider of these services in the UK, being available directly to employees at almost 200 enterprise companies including the largest employers in every sector. The company strengthens its reach through strategic distribution agreements with a range of partners, including two of the UK’s largest private medical insurers: Axa and Vitality.

Portfolio

Peppy continues to see sustained engagement and consistently high retention rates across its customer base with many customers not only renewing but meaningfully expanding the scope of their Peppy offering.

The Group delivered positive results in 2025 with annual recurring revenue growing to £12.7M. The directors believe that Peppy’s strong performance across its existing customer portfolio provides clear evidence of the quality of its product and ability to service enterprise customers across all sectors.

Product development

Peppy continues to invest in the development and improvement of its clinical healthcare platform to ensure it remains market leading and provides the best experience for users and customers. New innovations and features in the year included an improved home screen layout and navigation, a new workplace training vertical, backend integration for in-app event booking functionality, security remediation, data infrastructure migration and AI-generated personalised health plans built on user data and clinical goals.Further product investment is planned for 2026 onwards as the business looks to support and accelerate platform roadmap delivery.

The Group is also actively exploring opportunities to incorporate artificial intelligence across its business functions to improve efficiency and elevate its offering. The quality of its human-led clinical support remains central to Peppy's proposition, with personal, human connection continuing to define the Peppy experience

Regulation and Compliance

Peppy operates to the highest standards of clinical governance across all markets, including the UK and US. In the UK, Peppy is registered with the Care Quality Commission (CQC), and all practitioners on the platform are registered with their relevant professional governing bodies. Every clinical interaction is delivered by trained clinical professionals, and the Group maintains robust regulatory and compliance frameworks to ensure the safety, quality and integrity of the care it provides.

Profit and efficiency

2025 represented a pivotal year in the group’s financial development. While Peppy has historically been loss-making, the decisive strategic actions taken during the year - most notably the minority rollover of Euphoric Global Ltd - enabled the group to achieve profitability for the first time.

In May 2025, co-founder Dr. Mridula Pore returned as Chief Executive Officer and defined a focused strategy centered on building and strengthening the core Peppy clinical product and business.

A significant portion of the losses recorded in 2024 related to the investment in the scoping and early development of a new employee benefits operating platform product. By early 2025, it was clear that this new product would require substantial additional investment to launch, and in order to remain focused on the core Peppy clinical product, a minority rollover of the in-development assets, associated costs and resources was effected in in May 2025 to a new entity, Euphoric Global Ltd.

Since May 2025, the Group has recorded underlying profitability. Adjusted EBITDA delivered in 2025 in relation to the continuing clinical standalone operations was £2.5M (2024: -£1.0M).

With a profitable core model, sufficient resources to support its future plans, and a clear strategic focus, the directors believe Peppy is well positioned for continued profitable growth.

Cash and net assets

The Group holds a revolving credit facility with Natwest Bank which is not fully drawn down. As the Group now generates an underlying monthly profit, the existing cash balance is considered sufficient to fund ongoing operations and planned investment without the need for additional external funding.

At the year end, the group had net liabilities of -£6.5M (2024: -£6.1M) and Cash of £2.5M (2024: £1.6M).

The future growth and profitability of the existing business relies on the ongoing relevance and positioning of the product in the marketplace. Management believes that the steps taken to focus investment and marketing effort on the core clinical product will reinforce the company’s leading position and help drive an increase in both revenue growth rate and market share.

The Group’s credit risk is primarily attributable to its trade receivables. Contracts are usually multiple years long and issued annually, 12 months in advance. The Group largely contracts with larger, established companies, reducing this risk.

The Group maintains sufficient cash for ongoing operations and future developments and closely monitors this balance against our budget.

The group uses a range of performance measures, reported each month to the leadership team and the board, to monitor and manage the group effectively. The key financial indicators for the year ended 31 December 2025 are set out below:

• Revenue Recognised 2025 £11.3M (2024: £10.4M)

• Adjusted EBITDA for continuing clinical standalone operations: 2025: £2.5M (2024: -£1.0M)

• Cash generation in H2 2025: £0.7M (H2 2024: -£4.0M).

The improvement in adjusted EBITDA and cash generation directly reflects the impact of the minority rollover of Euphoric and the group's transition to underlying profitability.

The Board of Directors confirms that it has complied with its duty under Section 172 of the Companies Act 2006 (UK) to act in a way we consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole.

In fulfilling this duty, the Board has had regard to the following matters:

• The likely consequence of any decision in the long term: We consider the long-term implications of our strategic decisions to ensure sustainable growth and value creation for the Group.

• The interests of the Group’s employees: We recognise the importance of a motivated and skilled workforce and strive to create a positive work environment that fosters employee engagement and development.

• The need to foster the Group’s business relationships with suppliers, customers and others: We value strong relationships with all stakeholders and prioritise ethical and responsible business practices to build trust and collaboration.

• The impact of the Group’s operations on the community and the environment: We are committed to minimising our environmental footprint and operating in a socially responsible manner, considering the wellbeing of the communities we impact.

• The desirability of the Group maintaining a reputation for high standards of business conduct: We adhere to high ethical standards and a strong corporate governance framework to maintain the Group’s reputation for integrity and transparency.

• The interests of the Company’s shareholders: While acting in the best interest of the Group as a whole, we recognise the importance of delivering value to our shareholders.

This report was approved by the board on [ ] and signed on its behalf

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

The principal activity of the group and the company are that of provision of digital healthcare services, including online chats and consultations with real-life experts and content via a secure mobile app

The loss for the year, after taxation amounted to £683,661 (2024 - loss £6,783,165).

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

The auditors, Azets Audit Services, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

• the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

The financial statements are prepared on a going concern basis, which assumes the Group will continue in operational existence for the foreseeable future. The Group's ability to meet its future working capital requirements and therefore continue as a going concern is dependent upon it being able to generate significant revenues and free cash flow.

The Board has reviewed forecasts to December 2028 with a variety of possible outcomes. These include the reduction of revenue to reflect possible worst case scenarios. The Board considers the forecasts to be prudent and demonstrate that the business can operate within its existing cash resources.

Additionally, the Board has identified a series of realistically achievable actions that they are committed to taking to mitigate the rate of cash outflow should revenues not be secured as predicted. These include a reduction or delay in planned spend on variable costs and/or making use of further loan facilities.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

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

Company law requires the directors to prepare consolidated financial statements for each financial year. Under that law they have elected to prepare the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the directors must not approve the consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing the consolidated financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgments and estimates that are reasonable and prudent;

• state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

• assess the Group and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Parent Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Parent Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

We have audited the financial statements of Peppy Health Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group and parent company statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion:

• the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2025 and of the group's loss for the year then ended;

• the financial statements have been properly prepared in accordance with UK adopted international accounting standards; and

• the financial statements 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 group and parent 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 group's and parent 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 group and parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company 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 parent 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 parent 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.

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.

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 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 financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the group. 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 cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

Peppy Health Limited (the ‘Company’) is a limited company by shares incorporated in the United Kingdom. These consolidated financial statements comprise the Company and its subsidiary (collectively the ‘Group’ and individually ‘Group companies’). The Group’s principal activity are that of provision of digital healthcare services including online chats and consultations with real-life experts and content via a secure mobile app.

The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by the Company and its subsidiary. Control is achieved when the Company:

• has power over the investee;

• is exposed, or has rights, to variable returns from its involvement with the investee; and

• has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including:

• the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;

• potential voting rights held by the Company, other vote holders or other parties;

• rights arising from other contractual arrangements; and

• any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at this time that decisions need to be made, including voting patterns at previous shareholders’ meetings.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as endorsed by the United Kingdom, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

The consolidated financial statements have been prepared on a historical cost basis and in pounds sterling. All values are unrounded, except when otherwise indicated.

The financial statements are prepared on a going concern basis, which assumes the Group will continue in operational existence for the foreseeable future. The Group’s ability to meet its future working capital requirements and therefore continue as a going concern is dependent upon it being able to generate significant revenues and free cash flow.true

The Board has reviewed forecasts to December 2028 with a variety of possible outcomes. These include the reduction of revenue to reflect possible worst case scenarios. The board considers the forecasts to be prudent and demonstrate that the business can operate within its existing cash resources.

Additionally, the Board has identified a series of realistically achievable actions that they are committed to taking to mitigate the rate of cash outflow should revenues not be secured as predicted. These include a reduction or delay in planned spend on variable costs and/or making use of further loan facilities.

Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes.

Other income relates to a service charge in relation to the administrative costs incurred on behalf of certain third parties. It is recognised when the right to consideration arises

Digital healthcare services revenues are recognised over time, over the relevant contract term, on the basis that the customer simultaneously receives and consumes the benefits provided by the Group’s performance of the services over the contract term. Where the Group’s performance of its obligations under a contract is less than amounts received, deferred income is recognised as this is also the point where the Group transfers the benefits of the services to the end customer. Where the Group’s performance of its obligations under a contract exceeds amounts received, accrued income is recognised depending on the Group’s billing rights.

The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

An internally‑generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated:

• the technical feasibility of completing the intangible asset so that it will be available for use or sale;

• the intention to complete the intangible asset and use or sell it;

• the ability to use or sell the intangible asset;

• how the intangible asset will generate probable future economic benefits

• the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

• the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognised for internally‑generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally‑generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

Subsequent to initial recognition, internally‑generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

Technology development costs are amortised evenly over their estimated useful life of three years.

Domains are amortised evenly over their useful economic lives, which is estimated at 1 year.

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:

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 parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting end date, the group reviews the carrying amounts of its tangible 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 group 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.

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.

Financial assets are subsequently classified into the following specified categories:

• financial assets at fair value through profit or loss, including held for trading;

• fair value through other comprehensive income; or

• amortised cost.

The classification depends on the nature and purpose of the financial asset (the Group’s business model for managing the financial assets and the contractual terms of the cash flows) and is determined at the time of initial recognition.

They are measured at amortised cost if they are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets not held at amortised cost or fair value through other comprehensive income are held at fair value through profit or loss.

At present the Group has only financial liabilities held at amortised cost.

IFRS 9 requires the use of forward‑looking information to recognise expected credit losses — the “expected credit loss model”. Recognition of credit losses is not dependent on the Group first identifying a credit loss event; instead, the Group considers a broader range of information 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 and other receivables

The Group makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating this, the Group uses its historical experience, external indicators and forward‑looking information to calculate the expected credit losses using a provision matrix.

The Group assesses impairment of trade receivables on a collective basis as they possess shared credit risk characteristics based on grouping debt by days overdue.

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements.

Equity instruments are any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recognised at proceeds received net of issue costs.

Financial liabilities are classified as either financial liabilities at fair value through profit or loss (‘FVTPL’) or financial liabilities at amortised cost, which are measured using the effective interest method.

At present the Group has only financial liabilities held at amortised cost.

Equity of the Group comprises the following:

• Called up share capital’ represents the nominal value of equity shares.

• Share premium reserve’ represents any premiums received on issue of share capital. Any transaction costs associated with the timing of shares are deducted from share premium.

• Other reserve’ represents the cumulative amount recognised in relation to the equity‑settled share‑based payment schemes in place.

• Retained earnings’ represents retained earnings less retained losses.

• Foreign exchange reserve’ represents exchange differences arising on translation of investments in overseas subsidiaries.

The tax expense for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the UK where the Group and Company operate and generate taxable income.

Deferred tax balances are recognised in respect of all temporary differences that have originated but not reversed by the balance sheet date, except:

• the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

• any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

• where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the Group and Company can control their reversal and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred income tax is determined using tax rates that have been enacted or substantively enacted by the reporting date.

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

Equity‑settled share‑based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity‑settled share‑based transactions, which is based upon the Black‑Scholes model, are set out in note 25.

The fair value determined at the grant date of the equity‑settled share‑based payments is expensed on a straight‑line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity‑settled employee benefits reserve.

Equity‑settled share‑based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

The Group applies the short-term lease recognition exemption to its short-term leases of computer equipment & leasehold property that do not contain a purchase option.

It also applies the lease of low-value assets recognition exemption to leases of computer equipment that are considered to be low value that do not contain a purchase option.

Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

The Group as a lessee

The Group assesses whether a contract is or contains a lease, at inception of a contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate, 6.77%.

Lease payments included in the measurement of the lease liability comprise:

• fixed lease payments (including in substance fixed payments), less any lease incentives;

• variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

• payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The lease liability is included in the ‘Loans and borrowings’ line in the Consolidated Statement of Financial Position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever:

• a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

The Group did not make any such adjustments during the periods presented.

The right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right‑of‑use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right‑of‑use asset reflects that the Group expects to exercise a purchase option, the related right‑of‑use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right‑of‑use assets are included in the ‘Property, Plant and Equipment’ and Right of Use Asset lines, as applicable, in the Consolidated Statement of Financial Position.

The Group applies IAS 36 to determine whether a right‑of‑use asset is impaired and accounts for any identified impairment loss as described in note 1.10.

As a practical expedient, IFRS 16 permits a lessee not to separate non‑lease components, and instead account for any lease and associated non‑lease components as a single arrangement. The Group has used this practical expedient.

In preparing the financial statements of each individual group entity, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non‑monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non‑monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:

• exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;

• exchange differences on transactions entered into in order to hedge certain foreign currency risks (see for hedging accounting policies); and

• exchange differences on monetary items receivable from or payable to foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

For the purposes of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non‑controlling interests as appropriate).

The timing of revenue recognition for all revenue relates to services transferred over time.

The Group's reasonable reporting segments under IFRS 8 are as follows:

The United Kingdom, The United States of America, Finance income, Finance costs and Head office costs. The segment revenue and profit/(loss) is equal to that shown in the income statement.

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

Their aggregate remuneration comprised:

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

Their aggregate remuneration comprised:

During the year Peppy Health Limited made a cash investment of £298,995 in Euphoric Global Limited, and in return, received a 18.2% equity stake in the entity. The Euphoric Global Limited shares were subsequently transferred to Peppy Investment Holdings Limited, an entity outside of the Group, on 28 October 2025 for nil consideration. As no proceeds were received on transfer, the full £298,995 has been recognised as a loss on disposal.

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

During the year the decision was made to discontinue the development of the Platform business, with all assets, costs and resources carved out into a new company, Euphoric Global Limited. The carve out was executed on the 16th May 2025.

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

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

Within other receivables is £Nil (2024 - £176,772) relating to a long term lease deposit. This balance is recoverable in more than 12 months after the balance sheet date and so is a non-current debtor balance

Deferred revenues 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:

At the reporting date, the company had a revolving credit facility with NatWest Bank of £6,500,000 (2024: £8,500,000), of which £5,462,500 was outstanding at year end. The facility is secured by a debenture creating fixed and floating charges over all company assets. The facility is repayable from August 2026 depending on the level of remaining commitment. Quarterly repayments start at £250,000 and increase to £510,000 from May 2027. The facility expires in August 2028.

At the reporting date, the company had a revolving credit facility with NatWest Bank of £6,500,000 (2024: £8,500,000), of which £5,462,500 was drawn down during the year. The facility is secured by a debenture creating fixed and floating charges over all company assets. The facility is repayable from August 2026, with quarterly repayments starting at £250,000 and increasing to £510,000 from May 2027. The facility expires in August 2028.

During the year ended 31 December 2025, 146,178 ordinary shares of £0.000001 each, with a total nominal value of £0.16 were issued.

As at 31 December 2024, the Company had seven classes of shares in issue: Ordinary Shares, Series Seed Preferred Shares, Series A1 and A2 Preferred Shares, and Series B1, B2 and B3 Preferred Shares.

All share classes carry equal voting rights. On a sale or winding-up, Series B Preferred Shares rank first in priority of return of capital, followed by Series A Preferred Shares, then Series Seed Preferred Shares, with Ordinary Shares ranking last. The liquidation preferences applicable to each Preferred Share class are fixed and are set out in the Company's Articles of Association. Dividends may be paid at the discretion of the Board with Investor Majority Consent and are distributed pro rata among all Equity Shareholders as if they constituted a single class.

On 28 October 2025, a variation of rights was performed pursuant to which the rights attaching to the Series B3 Preferred Shares were formally recorded. The Series B3 Preferred Shares rank within the Series B Preferred Share class and carry the same voting, dividend and liquidation rights as the other Series B Preferred Shares.

The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

During the year, the Company transferred 45,250 shares in Euphoric Global Limited to Peppy Investment Holdings Limited ("PIHL") for nil consideration at a fair value of £3.4m. The share premium account was reduced by £3.4m and credited to retained earnings. This reclassification had no impact on total equity.

The foreign exchange reserve includes exchange differences arising on translation of investments in overseas subsidiaries.

The cumulative value of services provided by the group’s employees under share‑based payment arrangements where those arrangement’s give rights to equity instruments in Peppy Health Limited

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:

The group entered into a long term lease in the prior year. In the current year this was cancelled therefore there is no outstanding lease liability as at 31 December 2025.

The Group is exposed through its operation to the following financial risks: credit risk, interest rate risk, foreign exchange risk and liquidity risk. Risk management is carried out by the Directors of the Group. The Group uses financial instruments to provide flexibility regarding its working capital requirements and to enable it to manage specific financial risks to which it is exposed.

Foreign exchange risk arises when the Group enters into transactions in a currency other than its functional currency. The Group’s policy is, where possible, to settle liabilities denominated in a currency other than its functional currency with cash already denominated in that currency.

Interest rate risk is the risk the Group is exposed to via its disclosed loans. The Group utilises cash forecasting, credit control and monthly loan repayments to mitigate the interest risk it is exposed to.

The Group had minimal market risk at the year end with no securities held. Management are exploring options as to how best mitigate market risk should it arise moving forward.

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. In order to minimise this risk, the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The maximum exposure to credit risk is the carrying value of its financial receivables, trade and other receivables and cash and cash equivalents as disclosed in the notes to the financial statements.

Credit risk also arises on cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with minimum rating “B+” are accepted. Currently all financial institutions whereby the Group holds significant levels of cash are rated from AA‑ to A+.

The Group seeks to maintain cash balances sufficient to meet its day‑to‑day financial obligations.

Management reviews cash flow forecasts on a regular basis to determine whether the Group has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities.

The fair value is based upon the Black-Scholes model which is a well-accepted model for the valuation of share options where there are no market conditions attached. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.

During the year 164,484 EMI and Non-EMI share options lapsed due to employees leaving the company prior to vesting. These lapsed options are excluded from options at year-end. No expense reversal was recognised to these lapsed options.

During the prior year 103,078 EMI and Non-EMI share options lapsed due to employees leaving the company prior to vesting. These lapsed options are excluded from options at year-end. No expense reversal was recognised to these lapsed options.

The exercise prices of EMI share options granted, exercised, lapsed or outstanding during the year ranged from £0.000001 to £0.87 (2024: £0.000001 to £0.84) For Non-EMI share options, exercise prices across the same categories ranged from £0.000001 to £2.87 (2024: £0.000001 to £2.87) .

The remuneration of key management personnel, including directors, is set out within the employee note in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

The highest paid director received £169,850 (2024: £200,004) including £6,440 (2024: £9,996) of pension contributions.

Balances and transactions between the Company and its subsidiaries, which are related parties of the

Company, have been eliminated on consolidation and are not disclosed in this note.

Details of transactions between the Company and its related parties are disclosed below. In accordance with accounting standards and regulatory requirements, the Company discloses that Kylie Hendrikse was contracted by the Company and received compensations for their services rendered totalling £28,152 (2024: £49,044). Evan Harris (Former Director) has a relationship with Kylie Hendrikse as spouse. The compensation provided to Kylie Hendrikse is consistent with the Companies compensation provided to Kylie Hendrikse is reasonable and appropriate for the services rendered.

The Euphoric Global Limited shares were subsequently transferred to Peppy Investment Holdings Limited, an entity outside of the Group but with common directorship, on 28 October 2025 for nil consideration.

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately to those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £315,019 (2024: £524,677). Contributions totalling £Nil (2024: £19,737) were payable to the fund at the reporting date from the Group and company, and are included in creditors. The pension cost charge for the Company amounted to £395,019 (2024: £502,266).

The group is not subject to any externally imposed capital requirements.

On the 9th January 2026 and 8th April 2026, 15,921 ordinary shares of £0.000001 each, with a total nominal value of £0.01 were issued.

Except as detailed below, the directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.