REGISTERED NUMBER: 10451957 (England and Wales)

9fin Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Profit and loss account

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

H El-Sheikh

A Finkelstein

S Hunter

F Mullen

SECRETARY:

LDC Nominee Secretary Limited

REGISTERED OFFICE:

8th Floor 100 Bishopsgate

London

United Kingdom

EC2N 4AG

REGISTERED NUMBER:

10451957 (England and Wales)

AUDITORS:

UHY Hacker Young (Birmingham) LLP,

Statutory Auditor

9-11 Vittoria Street

Birmingham

B1 3ND

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

9fin’s principal activity is to provide data, news and predictive analytics for debt capital markets. The Group has experienced a strong 2025, marked by significant revenue growth across both European and US markets. The company has maintained its strong performance across all verticals including Leveraged Finance, Distressed Debt, Private Credit and Structured Credit. This robust performance is a testament to 9fin's innovative AI-powered data and analytics platform, strategic market expansion, and a growing client base among leading financial institutions.

During the year, 9fin strengthened its position in fixed income intelligence through the acquisition of Bond Radar Ltd. This strategic move provided access to high-quality primary market data, enhancing 9fin’s ability to deliver timely, end-to-end coverage across the debt capital markets and broadening its reach among key market participants.

PRINCIPAL RISKS AND UNCERTAINTIES

Whilst the prevailing macro-environment presents a principal risk, 9fin’s participation across the full spectrum of debt markets provides inherent resilience.

FINANCIAL PERFORMANCE

Group revenue grew by 114% from £14.7m in 2024 to £31.4m in 2025, reflecting the Group’s continued strong year-on-year growth. The Company concluded 2025 in a very strong financial position, and was bolstered by a $170 million Series C funding round in Q1 of 2026, led by HarbourVest.

FUTURE PLANS

Going forward, the Group intends to utilise the material Series C capital investment to further accelerate US expansion, expansion into new geographies, while investing in AI and embedding products deeply into client workflows via proprietary data, APIs and automation tools. In doing so, the Group intends to consolidate its position as one of the leading platforms for data relating to the debt capital markets globally.

ON BEHALF OF THE BOARD:

S Hunter - Director

30 June 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

H El-Sheikh

A Finkelstein

S Hunter

F Mullen

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

A resolution to appoint auditors for the ensuing year will be proposed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S Hunter - Director

30 June 2026

Opinion

We have audited the financial statements of 9fin Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Profit and loss account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

-

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; and

-

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 company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.

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 statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance; and

-

enquiring of management as to actual and potential litigation and claims.

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; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Malcolm Winston (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (Birmingham) LLP,

Statutory Auditor

9-11 Vittoria Street

Birmingham

B1 3ND

30 June 2026

TURNOVER

31,420,178

14,672,046

Cost of sales

16,603,857

11,943,015

GROSS PROFIT

14,816,321

2,729,031

Administrative expenses

37,646,894

18,668,055

(22,830,573

)

(15,939,024

)

Other operating income

550,000

-

OPERATING LOSS

4

(22,280,573

)

(15,939,024

)

Interest receivable and similar income

1,187,071

496,486

LOSS BEFORE TAXATION

(21,093,502

)

(15,442,538

)

Tax on loss

5

(101,150

)

(385,678

)

LOSS FOR THE FINANCIAL YEAR

(20,992,352

)

(15,056,860

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(20,992,352

)

(15,056,860

)

Loss attributable to:

Owners of the parent

(20,992,352

)

(15,056,860

)

Total comprehensive income attributable to:

Owners of the parent

(20,992,352

)

(15,056,860

)

FIXED ASSETS

Intangible assets

7

11,213,067

-

Tangible assets

8

390,689

22,127

Investments

9

-

-

11,603,756

22,127

CURRENT ASSETS

Debtors

10

7,430,455

5,074,919

Cash at bank

26,868,762

46,659,574

34,299,217

51,734,493

CREDITORS

Amounts falling due within one year

11

23,470,597

11,700,849

NET CURRENT ASSETS

10,828,620

40,033,644

TOTAL ASSETS LESS CURRENT LIABILITIES

22,432,376

40,055,771

CREDITORS

Amounts falling due after more than one year

12

1,287,500

-

NET ASSETS

21,144,876

40,055,771

CAPITAL AND RESERVES

Called up share capital

14

134,080

133,863

Share premium

70,208,531

70,189,752

Share option reserve

4,795,305

2,732,844

Retained earnings

(53,993,040

)

(33,000,688

)

SHAREHOLDERS' FUNDS

21,144,876

40,055,771

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

S Hunter - Director

FIXED ASSETS

Intangible assets

7

80,013

-

Tangible assets

8

324,516

22,127

Investments

9

17,938,555

2,927,147

18,343,084

2,949,274

CURRENT ASSETS

Debtors

10

21,703,617

13,866,535

Cash at bank

23,695,704

46,332,455

45,399,321

60,198,990

CREDITORS

Amounts falling due within one year

11

15,588,942

9,453,387

NET CURRENT ASSETS

29,810,379

50,745,603

TOTAL ASSETS LESS CURRENT LIABILITIES

48,153,463

53,694,877

CREDITORS

Amounts falling due after more than one year

12

2,065,848

-

NET ASSETS

46,087,615

53,694,877

CAPITAL AND RESERVES

Called up share capital

14

134,080

133,863

Share premium

70,208,531

70,189,752

Share option reserve

4,795,305

2,732,844

Retained earnings

(29,050,301

)

(19,361,582

)

SHAREHOLDERS' FUNDS

46,087,615

53,694,877

Company's loss for the financial year

(9,688,719

)

(7,016,460

)

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

S Hunter - Director

Called up

Share

share

Retained

Share

option

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

119,600

(17,943,828

)

30,521,511

1,100,116

13,797,399

Changes in equity

Issue of share capital

14,263

-

39,668,241

-

39,682,504

Total comprehensive income

-

(15,056,860

)

-

-

(15,056,860

)

Share based payment option

-

-

-

1,632,728

1,632,728

Balance at 31 December 2024

133,863

(33,000,688

)

70,189,752

2,732,844

40,055,771

Changes in equity

Issue of share capital

217

-

18,779

-

18,996

Total comprehensive income

-

(20,992,352

)

-

-

(20,992,352

)

Share based payment option

-

-

-

2,062,461

2,062,461

Balance at 31 December 2025

134,080

(53,993,040

)

70,208,531

4,795,305

21,144,876

Called up

Share

share

Retained

Share

option

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

119,600

(12,345,122

)

30,521,511

1,100,116

19,396,105

Changes in equity

Issue of share capital

14,263

-

39,668,241

-

39,682,504

Total comprehensive income

-

(7,016,460

)

-

-

(7,016,460

)

Share based payment option

-

-

-

1,632,728

1,632,728

Balance at 31 December 2024

133,863

(19,361,582

)

70,189,752

2,732,844

53,694,877

Changes in equity

Issue of share capital

217

-

18,779

-

18,996

Total comprehensive income

-

(9,688,719

)

-

-

(9,688,719

)

Share based payment option

-

-

-

2,062,461

2,062,461

Balance at 31 December 2025

134,080

(29,050,301

)

70,208,531

4,795,305

46,087,615

Cash flows from operating activities

Cash generated from operations

1

(11,714,425

)

(10,573,683

)

Tax on loss

101,151

385,678

Net cash from operating activities

(11,613,274

)

(10,188,005

)

Cash flows from investing activities

Purchase of intangible fixed assets

(310,279

)

-

Purchase of tangible fixed assets

(407,859

)

(14,594

)

Purchase of subsidiary (net of cash)

(8,665,467

)

-

Interest received

1,187,071

496,486

Net cash from investing activities

(8,196,534

)

481,892

Cash flows from financing activities

Share issue

18,996

39,682,504

Net cash from financing activities

18,996

39,682,504

(Decrease)/increase in cash and cash equivalents

(19,790,812

)

29,976,391

Cash and cash equivalents at beginning of year

2

46,659,574

16,683,183

Cash and cash equivalents at end of year

2

26,868,762

46,659,574

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(21,093,502

)

(15,442,538

)

Depreciation charges

1,452,423

11,202

Loss on disposal of fixed assets

874

-

Share based payment option

2,062,461

1,632,728

Finance income

(1,187,071

)

(496,486

)

(18,764,815

)

(14,295,094

)

Increase in trade and other debtors

(458,902

)

(2,524,448

)

Increase in trade and other creditors

7,509,292

6,245,859

Cash generated from operations

(11,714,425

)

(10,573,683

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

26,868,762

46,659,574

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

46,659,574

16,683,183

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

46,659,574

(19,790,812

)

26,868,762

46,659,574

(19,790,812

)

26,868,762

Total

46,659,574

(19,790,812

)

26,868,762

1.	STATUTORY INFORMATION

9fin 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Revenue recognition policy

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

Turnover from the rendering of software as a service is recognised on a straight line basis over the period of the license, as costs incurred in relation to the transaction cannot be measured reliably and services are performed by an indeterminate number of acts over the license period.

Business combinations and goodwill

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at an estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights.

Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the group’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill is amortised over its expected useful life which is estimated to be 8 years. Goodwill is assessed for indicators of impairment. Any impairment is charged to the income statement. No reversals of impairment are recognised.

Intangible assets

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

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

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

Straight

line (years

)

Website

5

Goodwill

8

Customer Lists and Proprietary Dataset

8

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight

line (years

)

Computer equipment

5

Fixtures and fittings

5

Improvements to Property

5

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and loss account, 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 balance sheet date.