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REGISTERED NUMBER: 15483920 (England and Wales)

| AUDITED FINANCIAL STATEMENTS |

| FOR THE PERIOD 1 MARCH 2025 TO 31 DECEMBER 2025 |

| FOR |

| OWM HOLDCO LIMITED |

OWM HOLDCO LIMITED (REGISTERED NUMBER: 15483920)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2025 TO 31 DECEMBER 2025

| Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |  | to |  | 7

OWM HOLDCO LIMITED

COMPANY INFORMATION

FOR THE PERIOD 1 MARCH 2025 TO 31 DECEMBER 2025

| DIRECTORS: | J J Bruins

| N Crone

| B D Schuurs

| M H M Van Schaik

| REGISTERED OFFICE: | c/o Foot Anstey LLP

| Senate Court Southernhay Gardens

| Exeter

| EX1 1NT

| REGISTERED NUMBER: | 15483920 (England and Wales)

| AUDITORS: | Azets Audit Services

| Statutory Auditor

| Chartered Accountants

| Titanium 1

| Kings Inch Place

| Renfrew

| PA4 8WF

OWM HOLDCO LIMITED (REGISTERED NUMBER: 15483920)

BALANCE SHEET

31 DECEMBER 2025

| 31.12.25 | 28.2.25 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 18,724,040 |  | 18,724,040 |  |

CURRENT ASSETS

Debtors | 5 | 3,100,391 |  | 1,926,558 |  |

CREDITORS

Amounts falling due within one year | 6 | 3,106,002 |  | 1,915,490 |  |

NET CURRENT (LIABILITIES)/ASSETS | (5,611 | ) | 11,068 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 18,718,429 |  | 18,735,108 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 100 |  | 100 |  |

Share premium | 8 | 18,723,940 |  | 18,723,940 |  |

Retained earnings | 8 | (5,611 | ) | 11,068 |  |

SHAREHOLDERS' FUNDS | 18,718,429 |  | 18,735,108 |  |

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 Board of Directors and authorised for issue on 5 March 2026 and were signed on its behalf by:

N Crone - Director

OWM HOLDCO LIMITED (REGISTERED NUMBER: 15483920)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2025 TO 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| OWM Holdco 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The company's financial statements are presented in sterling, which is also the company's functional currency, and all values are rounded to the nearest pound.

| The profit and loss account has been prepared on the basis that all operations are continuing operations.

| Preparation of consolidated financial statements

| The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. Accordingly the financial statements present information about the company as an individual undertaking only and not about its group.

| Investments in subsidiaries

| Investments in subsidiary undertakings are initially recognised at cost.

| At each balance sheet date an impairment review is carried out. Where there is any indication that an investment may be impaired, the carrying value is tested for impairment. An impairment loss is recognised for the amount by which the investment's carrying value exceeds its recoverable amount.

| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

OWM HOLDCO LIMITED (REGISTERED NUMBER: 15483920)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 MARCH 2025 TO 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Basic financial assets

| Basic financial assets, which include debtors 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 transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Equity instruments

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

| Taxation

| Taxation for the period 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

| Going concern

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

OWM HOLDCO LIMITED (REGISTERED NUMBER: 15483920)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 MARCH 2025 TO 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Reporting period

| On 22 January 2026 the company shortened its accounting period by two months to end on 31 December 2025. This is to align its accounting reporting date with the other companies in its group. These accounts therefore represent 10 months of trading and as such the comparative amounts presented in the financial statements are not entirely comparable.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was NIL (2025 - NIL).

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 March 2025

| and 31 December 2025 | 18,724,040 |  |

| NET BOOK VALUE

| At 31 December 2025 | 18,724,040 |  |

| At 28 February 2025 | 18,724,040 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Offshore Water Management Ltd

| Registered office: Ground Floor 3 Prospect Place, Arnhall Business Park, Westhill, Aberdeenshire, United Kingdom, AB32 6SY

| Nature of business: Water treatment consultants

| %

| Class of shares: | holding |

| A Ordinary | 100.00 |

| 31.12.25 |  | 31/12/24

£ | £ |

| Aggregate capital and reserves | 3,114,715 |  | 1,843,397 |  |

| Profit for the year/period | 1,271,318 |  | 1,223,351 |  |

| OWM Investments Ltd

| Registered office: c/o DM McNaught & Co Ltd, 166 Buchanan Street, Glasgow, United Kingdom, G1 2LW

| Nature of business: Investment holding company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.12.25 |  | 31/12/24

£ | £ |

| Aggregate capital and reserves | 2,009,984 |  | 2,009,984 |  |

OWM HOLDCO LIMITED (REGISTERED NUMBER: 15483920)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 MARCH 2025 TO 31 DECEMBER 2025

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

| 31.12.25 |  | 28.2.25

£ | £ |

| Intercompany loan debtor | 3,096,701 |  | 1,926,558 |  |

| Tax | 3,690 |  | - |  |

3,100,391 |  | 1,926,558 |  |

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

| 31.12.25 |  | 28.2.25

£ | £ |

| Tax | - |  | 3,690 |  |

| Intercompany loan creditor | 3,101,702 |  | 1,910,000 |  |

| Accrued expenses | 4,300 |  | 1,800 |  |

3,106,002 |  | 1,915,490 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 28.2.25

| value: | £ | £ |

| 8,800 | A Ordinary | £0.01 | 88 |  | 88 |  |

| 1,200 | B Ordinary | £0.01 | 12 |  | 12 |  |

100 |  | 100 |  |

| A Ordinary shares have full rights in the company with respect to voting, payment of dividends and distributions.

| B Ordinary shares have full rights in the company with respect to voting, payment of dividends and distributions.

| A Ordinary and B Ordinary shares rank equally in all respects, as if all constitute the same class, subject to investor consent.

8. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 March 2025 | 11,068 |  | 18,723,940 |  | 18,735,008 |  |

| Deficit for the period | (16,679 | ) | (16,679 | ) |

| At 31 December 2025 | (5,611 | ) | 18,723,940 |  | 18,718,329 |  |

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

| The Report of the Auditors was unqualified.

| Victoria Walker (Senior Statutory Auditor)

| for and on behalf of Azets Audit Services

OWM HOLDCO LIMITED (REGISTERED NUMBER: 15483920)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 MARCH 2025 TO 31 DECEMBER 2025

10. | RELATED PARTY DISCLOSURES

| Included in debtors is an amount of £3,096,701 (28/02/2025 - £1,926,558) owed by Normec Holding UK Limited, the 100% parent company of OWM Holdco Limited. This is in respect of a loan provided with interest charged at 3% (31/12/2025 - £70,633, 28/02/2025 - £16,558).

| Included in creditors is an amount of £3,101,702 (28/02/2025 - £1,910,000) owed to Offshore Water Management Ltd, which is a subsidiary of OWM Holdco Limited. This is in respect of a loan received with interest charged at 3% (31/12/2025 - £86,702, 28/02/2025 - £NIL).

11. | ULTIMATE CONTROLLING PARTY

| Greyhound Dutch Topco B.V. is the ultimate parent company, and ultimate controlling party. This company is registered at Honthorststraat 3, 1071 DC, Amsterdam, Netherlands.

| Normec UK Holding Limited is the immediate parent company, and is registered at c/o Foot Anstey LLP, Senate Court, Southernhay Gardens, Exeter, EX1 1NT.