GREENSOLVER UK LIMITED

GREENSOLVER UK LIMITED
Directors' Report
For the year ended 31 December 2025

Director's report and financial statements

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

Principal activities

The principal activity of the company is that of providing advisory, technical and commercial services for the renewable energy industry.

Directors

The directors who served the company throughout the year were as follows:

Yann Pierre GEFFRIAUD

Carla Vico Rico

Greensolver Holding SAS

Yann Pierre GEFFRIAUD resigned as on 09 Februay 2026.

Benoit Michel Serge Kuciel was appointed on 09 Februay 2026.

Statement of directors' responsibilities

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 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. The directors 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

Statement of disclosure of information to auditor
Each director who held office at the date of approval of this report confirms that: so far as the director is aware, there is no relevant audit information needed by the company’s auditor in connection with preparing their report of which the company's auditor is unaware; and the director has taken all the steps that they ought to have taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information .

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

----------------------------------
Carla Vico Rico
Director

Date approved: 10 April 2026

GREENSOLVER UK LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GREENSOLVER UK LIMITED For the year ended 31 December 2025
Opinion We have audited the financial statements of GREENSOLVER UK LIMITED for the year ended 31 December 2025 which comprise Income Statement, Statement of Financial Position and notes to the financial position, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Section(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 Loss for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. 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. The extent to which the audit was considered capable of detecting irregularities including fraud, is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Companies Act 2006, taxation legislation, anti-bribery, anti-money-laundering, employment; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. we assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates as set out in note 1 were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statements disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or through collusion. A further description of our responsibilities is available on the Financial Reporting Councils website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Ahmed Malik Senior Statutory Auditor for and behalf KZ auditors Statutory Auditor 5 Brayford Square, London E1 0SG,UK Date: 10 April 2026 3

GREENSOLVER UK LIMITED
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GREENSOLVER UK LIMITED
For the year ended 31 December 2025

Opinion

We have audited the financial statements of GREENSOLVER UK LIMITED for the year ended 31 December 2025 which comprise Income Statement, Statement of Financial Position and notes to the financial position, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Section(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 Loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.

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.

The extent to which the audit was considered capable of detecting irregularities including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Companies Act 2006, taxation legislation, anti-bribery, anti-money-laundering, employment;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

we assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates as set out in note 1 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statements disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or through collusion.

A further description of our responsibilities is available on the Financial Reporting Councils website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Ahmed Malik Senior Statutory Auditor for and behalf KZ auditors
Statutory Auditor
5 Brayford Square, London
E1 0SG,UK
Date: 10 April 2026

GREENSOLVER UK LIMITED
Statement of Financial Position
As at 31 December 2025

	Notes	2025 £	2024 £
Fixed assets
Tangible fixed assets	5	1,714	4,276
		1,714	4,276
Current assets
Debtors	6	215,572	170,694
Cash at bank and in hand		245,510	301,875
		461,082	472,569
Creditors: amount falling due within one year	7	(824,658)	(696,168)
Net current assets		(363,576)	(223,599)

Total assets less current liabilities		(361,862)	(219,323)
Net assets		(361,862)	(219,323)

Capital and reserves
Called up share capital		1,080	1,080
Share Premium Account	8	10,620	10,620
Profit and loss account		(373,562)	(231,023)
Shareholders' funds		(361,862)	(219,323)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The financial statements were approved by the board of directors on 10 April 2026 and were signed on its behalf by:

-------------------------------
Carla Vico Rico
Director

GREENSOLVER UK LIMITED
Notes to the Financial Statements
For the year ended 31 December 2025

General Information

GREENSOLVER UK LIMITED is a private company, limited by shares, registered in England and Wales, registration number 05444988, registration address Dmh Stallard Llp, Fetter Yard, Barnards Inn, 86 Fetter Lane, London, EC4A 1EN.

Accounting policies

Significant accounting policies

Statement of compliance

These financial statements have been prepared in compliance with section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

The financial statements are prepared in sterling which is the functional currency of the company.

Going concern basis

The company meets its day to day working capital requirements from its own financial resources and financial support of related companies. The directors believe that it is appropriate to prepare the financial statements on the going concern basis which assumes that the company will continue in operation for the foreseeable future on the basis of the company's plans and continued support of related companies.
If the company is unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, provide for further liabilities that might arise and reclassify fixed assets and long term liabilities as current assets.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;

it is probable that the Company will receive the consideration due under the contract;

the stage of completion of the contract at the end of the reporting period can be measured

reliably; and

the costs incurred and the costs to complete the contract can be measured reliably.

Operating lease rentals

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Foreign currencies

Functional and presentational currency
The Company's functional and presentational currency is GBP.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated

depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using various methods of measurement.

Depreciation is provided on the following basis:

Computer equipment - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash at bank

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

Creditors

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

Financial instruments

The Company has elected to apply the provisions of Section 11 Basic Financial Instruments of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, and loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Called up share capital and reserves

Called-up share capital represents the nominal value of ordinary shares that have been issued. The profit and loss account includes all current and prior period retained profits and losses.

Judgements and key sources of estimation uncertainty

In the application of the companys accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors do not consider there to be any critical judgements or key sources of estimation uncertainty involved in the preparation of the companys financial statements.

2.	Average number of employees Average number of employees during the year was 14 (2024 : 18).

3.	Financial Commitments, Guarantees and Contingencies At 31 December 2025 the Company had future commitments of £2,000 (2024 - £12,750).

Audit Information

The auditor's report on the accounts of GREENSOLVER UK LIMITED for the year ended 31 December 2025 was unqualified/qualified.

The auditor's report was signed by Ahmed Malik Senior Statutory Auditor for and behalf KZ auditors (Senior Statutory Auditor) for and on behalf of KZ auditors Chartered Accountants and Registered Auditor on 10 April 2026.

Tangible fixed assets

Cost or valuation	Computer Equipment	Total
	£	£
At 01 January 2025	22,039	22,039
Additions	-	-
Disposals	-	-
At 31 December 2025	22,039	22,039
Depreciation
At 01 January 2025	17,763	17,763
Charge for year	2,562	2,562
On disposals	-	-
At 31 December 2025	20,325	20,325
Net book values
Closing balance as at 31 December 2025	1,714	1,714
Opening balance as at 01 January 2025	4,276	4,276

Debtors: amounts falling due within one year

	2025 £	2024 £
Trade Debtors	169,936	120,346
Amount Owed by Group Undertakings	11,571	0
Prepayments & Accrued Income	25,674	32,565
Other Debtors	8,391	17,783
	215,572	170,694

Creditors: amount falling due within one year

	2025 £	2024 £
Trade Creditors	76,201	19,249
Amounts Owed to Group Undertakings	508,856	415,152
Other taxes	46,780	56,001
Accrued Expenses	192,821	205,766
	824,658	696,168

Share Premium Account

	2025 £		2024 £
Equity Share Premium b/fwd	10,620		10,620
	10,620		10,620

9.	Related parties transactions The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the company.

10.

Controlling Party

The ultimate parent company and controlling party is Voltalia S.A., a company registered in France, by virtue of its majority shareholding in Greensolver Holding SAS, the Company's immediate parent company.

The smallest and largest group in which the results of the company were consolidated, is Voltalia SA, a company incorporated in France. The consolidated accounts of Voltalia SA are available publicly and may be obtained from 84 Boulevard de Sébastopol, 75003 Paris, France.

11.	Subsequent events There are no events to report.

12.

Pension commitments

The company operates a define contributions pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. The pension cost charge represents contributions payable by the company to the fund in the year ended 31st December 2025 and amounted to £28,699 (2024 : £27,577).

Registered Number: 05444988
England and Wales
GREENSOLVER UK LIMITED

Audited Financial Statements

Period of accounts Start date: 01 January 2025 End date: 31 December 2025