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REGISTERED NUMBER: 03096272

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2025

for

Miltenyi Biotec Limited

Miltenyi Biotec Limited (Registered number: 03096272)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Director | 6 |

Report of the Independent Auditors | 7 |

Statement of Income and Retained Earnings | 11 |

Balance Sheet | 12 |

Cash Flow Statement | 13 |

Notes to the Cash Flow Statement | 14 |

Notes to the Financial Statements | 15 |

Miltenyi Biotec Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTOR: | S G Miltenyi

| REGISTERED OFFICE: | Almac House

| Church Lane

| Bisley

| Woking

| Surrey

| GU24 9DR

| REGISTERED NUMBER: | 03096272

| SENIOR STATUTORY AUDITOR: | Andrew Skilton, ACA

| AUDITORS: | Brewers Chartered Accountants

| Unit 3

| Birtley Courtyard

| Bramley

| Surrey

| GU5 0LA

Miltenyi Biotec Limited (Registered number: 03096272)

Strategic Report

for the Year Ended 31 December 2025

The director presents his strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The principal activity of the company remains the import, distribution and sale of products that advance The principal activity of the company remains the import, distribution and sale of products that advance biomedical research and cellular therapy. Miltenyi Biotec' s innovative tools support research at every level from basic research to translational research to clinical application.

The company has considerable financial resources and as a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The directors believe that effective controls have been established and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

In the accounting year ended 31 December 2025 the company's sales, its key performance indicator, increased by 31% (2024 increased by 20.6%) from £35.2 million to £46 million. Gross profit margin reduced to 21% (26% in 2024)

Future Developments

The Directors are confident that the business will continue to consolidate its market position in 2026 and beyond. The company will continue to release new products into the market that will be complimentary to its existing product portfolio. The Directors believe that the company has the required resources to continue to meet it customer expectations and to grow its market share.

Miltenyi Biotec Limited (Registered number: 03096272)

Strategic Report

for the Year Ended 31 December 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The company has identified the principal risks that it faces as:

Market risks

The Company operates in a competitive environment, for 2025 and beyond this risk is limited as the company sells a broad portfolio of products over to a wide spectrum of Customers operating in different sectors of the market.

Pricing

The Company does not have a significant exposure to price risk on either the purchase or sale of products.

Regulatory risks

The company has minimal hazardous goods and complies with the regulatory framework governing the movement of these. Staff are trained on a continual basis in respect of any changes in this regulatory framework.

Credit risks

There is a risk of financial loss to the company arising from the failure of the company's customers to meet their financial obligations for the services provided by the company. The company manages this situation through credit control procedures and management are of the view that the risk is at an acceptable level. A Considerable number of customers are NHS trusts, universities and other public bodies which reduces credit risk exposure.

Liquidity and cashflow risks

The company retains sufficient cash to ensure it has enough funds available for operations. The company can also rely on the financial backing of the Miltenyi Biotec Group. This facility aids the company to manage any cash flow requirements.

Interest rate risk

The company has cash balances which earn interest at a variable rate. The directors consider the interest rate risk in respect of these cash balances is at an acceptable level and that no hedging of interest rates is necessary due to short settlement periods and the predominance of intercompany invoicing in sterling.

Currency risks

The company operates in the United Kingdom and Ireland, and is exposed to Foreign exchange Risk. This risk is reduced as most of its purchases are from group companies and all material transactions are denominated in sterling within the UK. All exchange risk is managed by group Treasury which is controlled and managed by the parent company.

Miltenyi Biotec Limited (Registered number: 03096272)

Strategic Report

for the Year Ended 31 December 2025

EMPLOYEE INTERESTS

The company is proud of our exceptional customer service which is delivered by attracting, motivating, training and retaining the very best team members.

The company's employees are key to the success of the business; and the health, safety and wellbeing of our employees is one of the principal considerations in the way in which we do business.

The company promotes a culture of working hard to strive for the best possible outcomes, working alongside its employees in order to achieve this. The company ensures that employees receive regular training and coaching in order to ensure they can undertake their roles to the best of their ability and in a way that is consistent to the company's strategy.

RELATIONSHIPS WITH CUSTOMERS, SUPPLIERS AND OTHERS

Stakeholder engagement is very important to the company and it is fully committed to maintaining, developing and investing in its relationships with all key stakeholders.

The company's relationships with its key suppliers is seen as being a collaborative partnership in which both parties engage effectively and work constructively on a day-to-day basis in order to deliver success.

The company is a member of various trade associations in order to provide and receive representations of best practice and help formulate future strategy.

The company's strategy is based on sustainable relationships with our customers and ensure it is driving customer loyalty to the Miltenyi brand. This is achieved by focusing on the customer mindset in order to deliver the best possible experience throughout the customer journey.

THE IMPACT OF OPERATIONS ON THE COMMUNITY AND THE ENVIRONMENT

The company understands the importance of ensuring that its operations impact the community in a positive manner.

The company seeks to minimise its carbon footprint by promoting the efficient use of energy through the increased uptake of hybrid and electric vehicles for company activities.

Miltenyi Biotec Limited (Registered number: 03096272)

Strategic Report

for the Year Ended 31 December 2025

CORPORATE CULTURE

Our culture is characterised by clear responsibility, mutual respect and trust. Lawful conduct and fair competition are integral to our business activities and for maintaining a reputation for high standards of business conduct, securing long term success. We are focused on people, with customers being at the heart of our business. We embrace diversity, flexibility, sustainability and continuous improvement throughout the company. It has a customer centric philosophy with transparent, fair and simple processes. The board and senior management have taken steps to drive cultural change and to ensure corporate strategy and customer orientation principles are embraced across the organisation.

ON BEHALF OF THE BOARD:

S G Miltenyi - Director

31 July 2026

Miltenyi Biotec Limited (Registered number: 03096272)

Report of the Director

for the Year Ended 31 December 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

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

DIRECTOR

S G Miltenyi held office during the whole of the period from 1 January 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S G Miltenyi - Director

31 July 2026

Report of the Independent Auditors to the Members of

Miltenyi Biotec Limited

Opinion

We have audited the financial statements of Miltenyi Biotec Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2025 and of its profit 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 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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.

Report of the Independent Auditors to the Members of

Miltenyi Biotec Limited

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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

In light of the knowledge and understanding of the company and environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Miltenyi Biotec Limited

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:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, Health & Safety and distributable profits legislation.

• It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Report of the Independent Auditors to the Members of

Miltenyi Biotec Limited

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.

Andrew Skilton, ACA (Senior Statutory Auditor)

for and on behalf of Brewers Chartered Accountants

Unit 3

Birtley Courtyard

Bramley

Surrey

GU5 0LA

31 July 2026

Miltenyi Biotec Limited (Registered number: 03096272)

Statement of Income and Retained Earnings

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 46,047,168 |  | 35,152,110 |  |

Cost of sales | 36,425,346 |  | 25,999,298 |  |

GROSS PROFIT | 9,621,822 |  | 9,152,812 |  |

Administrative expenses | 7,904,839 |  | 7,135,498 |  |

1,716,983 |  | 2,017,314 |  |

Other operating income | 1,489,915 |  | 1,079,164 |  |

OPERATING PROFIT | 6 | 3,206,898 |  | 3,096,478 |  |

Interest receivable and similar income | 52,515 |  | 64,445 |  |

PROFIT BEFORE TAXATION | 3,259,413 |  | 3,160,923 |  |

Tax on profit | 7 | 832,205 |  | 792,353 |  |

PROFIT FOR THE FINANCIAL YEAR | 2,427,208 |  | 2,368,570 |  |

Retained earnings at beginning of year | 1,439,409 |  | 2,070,839 |  |

Dividends | 8 | - |  | (3,000,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 3,866,617 |  | 1,439,409 |  |

Miltenyi Biotec Limited (Registered number: 03096272)

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 1,483,590 |  | 1,331,198 |  |

CURRENT ASSETS

Stocks | 10 | 21,785 |  | 44,143 |  |

Debtors | 11 | 7,336,295 |  | 6,471,173 |  |

Cash at bank and in hand | 4,739,495 |  | 3,499,297 |  |

12,097,575 |  | 10,014,613 |  |

CREDITORS

Amounts falling due within one year | 12 | 7,963,999 |  | 8,523,331 |  |

NET CURRENT ASSETS | 4,133,576 |  | 1,491,282 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,617,166 |  | 2,822,480 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (1,383,002 | ) | (1,068,306 | ) |

PROVISIONS FOR LIABILITIES | 15 | (357,547 | ) | (304,765 | ) |

NET ASSETS | 3,876,617 |  | 1,449,409 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 10,000 |  | 10,000 |  |

Retained earnings | 17 | 3,866,617 |  | 1,439,409 |  |

SHAREHOLDERS' FUNDS | 3,876,617 |  | 1,449,409 |  |

The financial statements were approved by the director and authorised for issue on 31 July 2026 and were signed by:

S G Miltenyi - Director

Miltenyi Biotec Limited (Registered number: 03096272)

Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,813,356 |  | 4,307,756 |  |

Tax paid | (1,177,891 | ) | (500,000 | ) |

Net cash from operating activities | 1,635,465 |  | 3,807,756 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (948,171 | ) | (199,416 | ) |

Sale of tangible fixed assets | 500,389 |  | 307,091 |  |

Interest received | 52,515 |  | 64,445 |  |

Net cash from investing activities | (395,267 | ) | 172,120 |  |

Cash flows from financing activities

Equity dividends paid | - |  | (3,000,000 | ) |

Net cash from financing activities | - |  | (3,000,000 | ) |

Increase in cash and cash equivalents | 1,240,198 |  | 979,876 |  |

Cash and cash equivalents at beginning of year | 2 | 3,499,297 |  | 2,519,421 |  |

Cash and cash equivalents at end of year | 2 | 4,739,495 |  | 3,499,297 |  |

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 3,259,413 |  | 3,160,923 |  |

| Depreciation charges | 608,528 |  | 561,974 |  |

| Profit on disposal of fixed assets | (313,138 | ) | (186,138 | ) |

| Finance income | (52,515 | ) | (64,445 | ) |

3,502,288 |  | 3,472,314 |  |

| Decrease in stocks | 22,358 |  | 17,408 |  |

| Increase in trade and other debtors | (865,122 | ) | (1,655,526 | ) |

| Increase in trade and other creditors | 153,832 |  | 2,473,560 |  |

| Cash generated from operations | 2,813,356 |  | 4,307,756 |  |

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 | 4,739,495 |  | 3,499,297 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 3,499,297 |  | 2,519,421 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 3,499,297 |  | 1,240,198 |  | 4,739,495 |  |

3,499,297 |  | 1,240,198 |  | 4,739,495 |  |

| Total | 3,499,297 |  | 1,240,198 |  | 4,739,495 |  |

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Miltenyi Biotec 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 pages.

| The presentational currency is the pound sterling (£).

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Going concern

| At the time of approving the financial statements, management have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and as such the financial statements have been prepared on the going concern basis.

| 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.

| Critical accounting judgements and key sources of estimation uncertainty

| In preparing financial statements its can be necessary to make significant judgements and estimates that affect the amounts recognised in the financial statements. There are no areas of significant judgement that affect the preparation of these financial statements.

| Key sources of estimation

| The company estimates the useful lives of plant and equipment based on the period over which the assets are expected to be available for use. The estimates are reviewed periodically and updated if expectations differ from previous estimates due to physical wear and tear or technical or commercial obsolescence.

| Turnover

| Turnover represents sales to external customers at invoiced amounts less Value Added Tax or local taxes on sales. Income is recognised either on despatch of goods or date of contract signature for maintenance and service contracts with deferral of income to match the term dates of the contract.

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Short leasehold | - | in accordance with the property

| Plant and machinery | - | 20% on cost

| Office equipment | - | at varying rates on cost

| Fixed assets are recorded at their historical costs. Fixed assets costing over £1,000 are capitalised.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

| Financial instruments

| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

| 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 balance sheet date.

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| 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 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

| 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.

| Debtors

| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

| Cash and cash equivalents

| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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

| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Research | 15,577,264 |  | 15,427,145 |  |

| Clinical | 30,469,904 |  | 19,724,965 |  |

46,047,168 |  | 35,152,110 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 44,933,505 |  | 34,412,535 |  |

| Europe | 1,113,663 |  | 739,575 |  |

46,047,168 |  | 35,152,110 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,336,220 |  | 3,942,245 |  |

| Social security costs | 525,080 |  | 472,639 |  |

| Other pension costs | 452,417 |  | 382,696 |  |

5,313,717 |  | 4,797,580 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Administration | 6 |  | 6 |  |

| Sales & Marketing | 51 |  | 51 |  |

57 |  | 57 |  |

| Key management personnel compensation was £1,229,024 (2024: £855,582). Key management includes all persons having authority and responsibility for planning, directing and controlling activities of the company, directly and indirectly, and have been identified as the Country Manager, the European Finance Manager, the UK Finance Manager, the HR Manager, the Sales Clinical Manager, the Sales Research Manager, the MACS Services Manager and the Sales Instrument Manager. Sales Research Manager, MACS Services Manager and Sales Instrument Manager are new management roles created in January 2025 and hence not included in 2024 comparative figures.

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | EMPLOYEES AND DIRECTORS - continued

| 2025 |  | 2024

£ | £ |

| Director's remuneration | - |  | - |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 608,528 |  | 561,974 |  |

| Profit on disposal of fixed assets | (313,138 | ) | (186,138 | ) |

| Auditors | 40,795 |  | 38,850 |  |

| Foreign exchange differences | (53,688 | ) | 11,205 |  |

| Operating lease charges | 398,962 |  | 391,082 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 779,423 |  | 898,468 |  |

| Deferred tax | 52,782 |  | (106,115 | ) |

| Tax on profit | 832,205 |  | 792,353 |  |

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 3,259,413 |  | 3,160,923 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 814,853 |  | 790,231 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,200 |  | 2,160 |  |

| Capital allowances in excess of depreciation | (37,631 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 106,077 |  |

| Deferred tax provision | 52,782 |  | (106,115 | ) |

| Rounding | 1 |  | - |  |

| Total tax charge | 832,205 |  | 792,353 |  |

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Final | - |  | 3,000,000 |  |

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | TANGIBLE FIXED ASSETS

| Short |  | Plant and |  | Office |

| leasehold |  | machinery |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 323,849 |  | 2,880,354 |  | 283,842 |  | 3,488,045 |  |

| Additions | - |  | 943,716 |  | 4,455 |  | 948,171 |  |

| Disposals | - |  | (874,734 | ) | (17,809 | ) | (892,543 | ) |

| At 31 December 2025 | 323,849 |  | 2,949,336 |  | 270,488 |  | 3,543,673 |  |

| DEPRECIATION

| At 1 January 2025 | 230,543 |  | 1,740,401 |  | 185,903 |  | 2,156,847 |  |

| Charge for year | 57,606 |  | 512,390 |  | 38,532 |  | 608,528 |  |

| Eliminated on disposal | - |  | (689,676 | ) | (15,616 | ) | (705,292 | ) |

| At 31 December 2025 | 288,149 |  | 1,563,115 |  | 208,819 |  | 2,060,083 |  |

| NET BOOK VALUE

| At 31 December 2025 | 35,700 |  | 1,386,221 |  | 61,669 |  | 1,483,590 |  |

| At 31 December 2024 | 93,306 |  | 1,139,953 |  | 97,939 |  | 1,331,198 |  |

10. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 21,785 |  | 44,143 |  |

11. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 4,008,082 |  | 3,731,452 |  |

| Other debtors | 3,426 |  | 7,045 |  |

| Corporation tax refund | 20,577 |  | - |  |

| Prepayments | 2,223,857 |  | 1,898,583 |  |

6,255,942 |  | 5,637,080 |  |

| Amounts falling due after more than one year:

| Prepayments | 1,080,353 |  | 834,093 |  |

| Aggregate amounts | 7,336,295 |  | 6,471,173 |  |

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 242,699 |  | 283,034 |  |

| Tax | - |  | 398,468 |  |

| Social security and other taxes | 141,878 |  | 120,919 |  |

| VAT | 924,395 |  | 937,384 |  |

| Miltenyi Biotec B.V. & Co KG | 2,637,028 |  | 3,655,405 |  |

| Deferred income | 3,104,135 |  | 2,674,102 |  |

| Accrued expenses | 913,864 |  | 454,019 |  |

7,963,999 |  | 8,523,331 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Deferred income | 1,383,002 |  | 1,068,306 |  |

14. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 273,540 |  | 379,780 |  |

| Between one and five years | 119,186 |  | 245,553 |  |

392,726 |  | 625,333 |  |

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Capital allowances in excess of depreciation | 357,547 |  | 304,765 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 304,765 |  |

| Accelerated capital allowances | 52,782 |  |

| Balance at 31 December 2025 | 357,547 |  |

Miltenyi Biotec Limited (Registered number: 03096272)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 10,000 | Ordinary | £1 | 10,000 |  | 10,000 |  |

17. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 1,439,409 |  |

| Profit for the year | 2,427,208 |  |

| At 31 December 2025 | 3,866,617 |  |

18. | PARENT COMPANY

| The company is a 100% subsidiary of Miltenyi Biotec B.V. & Co. KG, a partnership incorporated in Germany.

19. | ULTIMATE CONTROLLING PARTY

| The ultimate parent company is Miltenyi Biotec GmbH. The results of the company are consolidated in the accounts of Miltenyi GmbH. The registered office is Friedrich-Ebert-StraBe 68, 51429 Bergisch Gladbach, Germany.