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REGISTERED NUMBER: 09237220 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

Microvast Power Systems UK Limited

Microvast Power Systems UK Limited (Registered number: 09237220)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |

Microvast Power Systems UK Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTOR: | A Fox

| REGISTERED OFFICE: | Unit 1 The Grove Industrial Estate

| Park Road

| Swanley

| BR8 8AJ

| REGISTERED NUMBER: | 09237220 (England and Wales)

| AUDITORS: | Shinewing Wilson Accountancy Limited

| Chartered Certified Accountants

| and Statutory Auditors

| 9 St Clare Street

| London

| EC3N 1LQ

Microvast Power Systems UK Limited (Registered number: 09237220)

Statement of Financial Position

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 15,130 |  | 20,245 |  |

CURRENT ASSETS

Stocks | 49,423 |  | 61,256 |  |

Debtors | 5 | 168,716 |  | 129,005 |  |

Cash at bank | 380,549 |  | 375,110 |  |

598,688 |  | 565,371 |  |

CREDITORS

Amounts falling due within one year | 6 | 26,754 |  | 89,643 |  |

NET CURRENT ASSETS | 571,934 |  | 475,728 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 587,064 |  | 495,973 |  |

CAPITAL AND RESERVES

Called up share capital | 1,650,000 |  | 1,650,000 |  |

Retained earnings | (1,062,936 | ) | (1,154,027 | ) |

587,064 |  | 495,973 |  |

The 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.

The financial statements were approved by the director and authorised for issue on 7 July 2026 and were signed by:

A Fox - Director

Microvast Power Systems UK Limited (Registered number: 09237220)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Microvast Power Systems UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The company made profit before tax of £91K during the year, there was net current assets of £572K and net assets of £587K at the year end. The company meets its day to day working capital requirements through its bank reserve. Therefore, the director concluded that the company has adequate resources to continue in operational existence for the next 12 months from the date of signing these financial statements. The financial statements continue to be prepared on a going concern basis.

| Turnover

| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes.

| The Company sells after-sale services to bus operators. Revenue is recognized in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably.

| Readiness fee is a monthly retainer fee income for the Company's commitment to be available to provide diagnostic support and remotely guided repairs services to local UK customers of the related company.

| The Company recognizes revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity; and (e) when the specific criteria relating to the each of company’s sales channels have been met.

| Readiness fee is recognised as revenue on a monthly basis when monthly invoice has been served to client.

Microvast Power Systems UK Limited (Registered number: 09237220)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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 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 the straight-line method.

| Depreciation is provided on the following basis:

| Fixture and fitting - 20-25% straight line

| Plant and machinery - 33% straight line

| Motor vehicles - 20-25% 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.

| Finance leased assets

| Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

| Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company’s incremental borrowing rate is used.

| Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

| The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

Microvast Power Systems UK Limited (Registered number: 09237220)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Classification of financial liabilities

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

| Basic financial liabilities

| Basic financial liabilities, including trade and other payables, and loans from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

| Share capital

| Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

| The company's ordinary shares are classified as equity instruments.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Microvast Power Systems UK Limited (Registered number: 09237220)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Leasing commitments-company as lessee

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. Cost is based on the cost of purchase on a first in and first out basis.

| At the end of each reporting period stocks are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Statement of Comprehensive Income.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 5 (2024 - 8 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 38,709 |  | 68,279 |  | 76,846 |  | 183,834 |  |

| Additions | - |  | - |  | 6,924 |  | 6,924 |  |

| Disposals | - |  | - |  | (40,962 | ) | (40,962 | ) |

| At 31 December 2025 | 38,709 |  | 68,279 |  | 42,808 |  | 149,796 |  |

| DEPRECIATION

| At 1 January 2025 | 31,882 |  | 58,579 |  | 73,128 |  | 163,589 |  |

| Charge for year | 4,031 |  | 4,137 |  | 3,871 |  | 12,039 |  |

| Eliminated on disposal | - |  | - |  | (40,962 | ) | (40,962 | ) |

| At 31 December 2025 | 35,913 |  | 62,716 |  | 36,037 |  | 134,666 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,796 |  | 5,563 |  | 6,771 |  | 15,130 |  |

| At 31 December 2024 | 6,827 |  | 9,700 |  | 3,718 |  | 20,245 |  |

Microvast Power Systems UK Limited (Registered number: 09237220)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 31,422 |  | 19,307 |  |

| Amounts owed by group undertakings | 35,000 |  | 63,000 |  |

| Other debtors | 102,294 |  | 46,698 |  |

168,716 |  | 129,005 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 4,981 |  | 23,833 |  |

| Amounts owed to group undertakings | - |  | 35,050 |  |

| Taxation and social security | 8,265 |  | 15,403 |  |

| Other creditors | 13,508 |  | 15,357 |  |

26,754 |  | 89,643 |  |

7. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 79,984 |  | 79,984 |  |

| Between one and five years | 25,858 |  | 106,645 |  |

105,842 |  | 186,629 |  |

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Nijendra Dhungana FCCA (Senior Statutory Auditor)

| for and on behalf of Shinewing Wilson Accountancy Limited

9. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is Microvast Power Systems Co., Ltd. and the ultimate parent company is Microvast Holdings, Inc., a company registered in Texas, the United states.

| The smallest undertaking for which the company is a member and for which group financial statements are prepared is Microvast Holdings, Inc.. Copies of Microvast Holdings, Inc. consolidated financial statements can be obtained from the address at 12603 Southwest Freeway, Suite 210, Stafford,Texas, the United states.

| The ultimate controlling party is Mr Yang Wu .