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Registered number: 12361823 VANTAGE DATA CENTERS UK BIDCO LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2026
VANTAGE DATA CENTERS UK BIDCO LIMITED COMPANY INFORMATION
Directors | J R Acaster
| N J Haslehurst
Company secretary | CSC CLS (UK) Limited
Registered number | 12361823 (England and Wales)
Registered office | c/o CSC CLS (UK) Limited
| 5 Churchill Place
| 10th Floor
| London
| E14 5HU
| United Kingdom
Independent auditors | Ernst & Young LLP
| Counterslip
| Bristol
| BS1 6BX
| United Kingdom
VANTAGE DATA CENTERS UK BIDCO LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 19
VANTAGE DATA CENTERS UK BIDCO LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 28 FEBRUARY 2026
Introduction
The directors present the Strategic Report of Vantage Data Centers UK Bidco Limited (the "Company'') for the period ended 28 February 2026.
Business review
The Company acquired the share capital of Next Generation Data Infrastructure 1 Limited on 27 July 2020. During the period, the Group underwent restructuring and the indirectly held investment in Vantage Data Centers UK Limited was transferred to an entity under common control. To complete this transaction, a reduction in share capital took place under section 642 of the Companies Act 2006. The balance on the share premium account of £196,648,000 and share capital of £303,462,000 were cancelled and transferred to retained earnings with a subsequent dividend of £528,922,000 paid. The remaining intercompany receivable was impaired to £nil. . The capital reduction and dividend were approved by a special resolution of the shareholders. The Balance Sheet shows the Company has net assets of £nil (2024: £489,246,000).
Principal risks and uncertainties
As the Company is a holding company there are not considered to be any principal risks and uncertainties which require management.
Financial key performance indicators
As the Company is a holding company the directors believe that analysis using key performance indicators is not necessary or appropriate for an understanding of the development, performance or position of the business. Page 1
VANTAGE DATA CENTERS UK BIDCO LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 28 FEBRUARY 2026
Section 172 (1) statement
The directors have acted in the way that they considered, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and this section forms our section 172 disclosure, describing how, in doing so, the directors considered the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. The directors also considered the views and interests of a wider set of stakeholders, including regulators. The directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the Company for the benefit of its members, and in doing so had regard, amongst other matters, to: • the likely consequence of any decision in the long term; • the need to foster the Company's business relationships with suppliers, customers and others; • the impact of the Company's operations on the community and the environment; • the desirability of the Company maintaining a reputation for high standards of business conduct; and • the need to act fairly as between members of the Company. Considering this broad range of interests is an important part of the way the Board makes decisions, although in balancing those different perspectives it will not always be possible to deliver everyone's desired outcome. This report was approved by the board and signed on its behalf.
N J Haslehurst Director
Date: 17 June 2026
Page 2
VANTAGE DATA CENTERS UK BIDCO LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 28 FEBRUARY 2026 The directors present their report and the financial statements for the period ended 28 February 2026.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Going concern
The Directors have assessed the ability of the Company to continue as a going concern for the 12 month period from the date of approval of these financial statements, covering the period to 31 July 2027. As part of this assessment, the Directors reviewed the Company’s financial position and discussed with Group management the funding facilities and financial resources available across the wider Group. The Company meets its working capital requirements through support from the wider Group. The Directors have also received a letter of support from the parent company, Vantage Valkyrie BidCo S.à r.l., confirming that sufficient financial support will be made available to enable the Company to continue its operations and meet its liabilities as they fall due through to 31 July 2027. Based on the support available from the wider Group, the letter of support received from the parent company, and the discussions held with Group management regarding the resources and facilities available at Group level, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors have prepared the financial statements on the going concern basis
Results and dividends
The loss for the period, after taxation, amounted to £51,990,000 (2024: loss £32,000). Dividends of £529,922,000 were distributed in the period ended 28 February 2026.
Directors
Page 3
VANTAGE DATA CENTERS UK BIDCO LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 28 FEBRUARY 2026 The directors who served during the period were:
J R Acaster (appointed 10 December 2025)
N J Haslehurst (appointed 30 June 2025)
D S Culbard (resigned 30 June 2025)
J Jenkins (resigned 10 December 2025)
V B Regan (resigned 10 December 2025)
Financial risk management
As the Company is a holding company there are not considered to be any financial risks which require management.
Qualifying third-party indemnity provisions
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Directors' and Officers' liability insurance in respect of itself and its directors.
Statement as to disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Ernst & Young LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
N J Haslehurst Director
Date: 17 June 2026
Page 4
VANTAGE DATA CENTERS UK BIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UK BIDCO LIMITED
Opinion
We have audited the financial statements of Vantage Data Centers UK Bidco Limited for the period ended 28 February 2026 which comprise the Statement of comprehensive income, the Balance Sheet, the Statement of changes in equity and the related notes 1 to 14, 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 FRS 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 28 February 2026 and of its loss for the period 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 Auditor’s 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 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 company’s ability to continue as a going concern for a period to 31 July 2027. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern. Page 5
VANTAGE DATA CENTERS UK BIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UK BIDCO LIMITED (CONTINUED)
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon. 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 course of 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 the other information, we are required to report that fact. We have nothing to report in this regard.
Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
VANTAGE DATA CENTERS UK BIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UK BIDCO LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 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 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud rregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. • We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in United Kingdom. • We understood how Vantage Data Centers UK Bidco Limited is complying with those frameworks by making enquiries with management and those charged with governance to understand how the Company maintains and communicated policies and procedures in these areas. We understood any controls put in place by management and those charged with governance to reduce the opportunities of fraudulent transactions. • We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur through inquiry of management and those charged with governance to understand where it is considered there was susceptibility to fraud. Through our procedures we determined there to be risks associated with management override of controls, in response, we performed the below: o We incorporated data analytics to sample the entire population of journal entries to identify specific transactions which did not meet our expectations based on specific criteria and journal entries indicating significant or unusual transactions based on our understanding of the business. These procedures included investigating these transactions to develop our understanding and challenging the assumptions, judgements and significant estimates made by management and testing them back to source information. Page 7
VANTAGE DATA CENTERS UK BIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UK BIDCO LIMITED (CONTINUED) o The procedures explained above were designed to provide reasonable assurance that the financial statements are free from material fraud or error. • Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved agreeing that material transactions were recorded in compliance with FRS 102. Compliance with other operational laws and regulations was addressed through inquiries with management, review of board meeting minutes, and discussions with internal legal counsel. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our Auditors' Report.
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 an Auditors' Report 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. Hosam Kamel (Senior statutory auditor) for and on behalf of Ernst & Young LLP, Statutory Auditor Bristol 17 June 2026 Page 8
VANTAGE DATA CENTERS UK BIDCO LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 28 FEBRUARY 2026
| 14 months ended 28 February | 12 months ended 31 December
| 2026 | 2024
Note | £000 | £000
Other operating income |  | 17 | -
Administrative expenses |  | (3) | (32)
Operating profit/(loss) |  | 14 | (32)
Dividend income |  | 492,991 | -
Impairment of intercompany receivables | 8 | (57,101) | -
Impairment of fixed assets investments | 7 | (487,893) | -
Loss before tax |  | (51,989) | (32)
Tax on loss | 6 | - | -
Loss for the financial period |  | (51,989) | (32)
Total comprehensive income for the period |  | (51,989) | (32)
The notes on pages 12 to 19 form part of these financial statements.
Page 9
VANTAGE DATA CENTERS UK BIDCO LIMITED REGISTERED NUMBER: 12361823 BALANCE SHEET AS AT 28 FEBRUARY 2026
|  | 28 February |  | 31 December
|  | 2026 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments | 7 |  | - |  | 487,893
|  |  | - |  | 487,893
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 8 | - |  | 94,744 |
Cash at bank and in hand | 9 | - |  | 12 |
|  | - |  | 94,756 |
Creditors: amounts falling due within one year | 10 | - |  | (93,403) |
Net current assets |  |  | - |  | 1,353
Total assets less current liabilities |  |  | - |  | 489,246
Net assets |  |  | - |  | 489,246
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | - |  | 303,462
Share premium account | 12 |  | - |  | 196,648
Profit and loss account | 12 |  | - |  | (10,864)
|  |  | - |  | 489,246
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N J Haslehurst
Director
Date: 17 June 2026
The notes on pages 12 to 19 form part of these financial statements. Page 10

|  | VANTAGE DATA CENTERS UK BIDCO LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 28 FEBRUARY 2026
|  | Called up share capital | Capital contribution reserve | Retained earnings | Total equity
|  | £000 | £000 | £000 | £000
| At 1 January 2024 | 303,462 | 105,858 | (10,832) | 398,488
| Loss for the year | - | - | (32) | (32)
| Shares issued during the year | - | 90,790 | - | 90,790
| At 1 January 2025 | 303,462 | 196,648 | (10,864) | 489,246
| Loss for the period | - | - | (51,989) | (51,989)
| Capital reduction | (303,462) | (196,648) | 500,110 | -
| Dividends paid | - | - | (528,922) | (528,922)
| Capital contribution | - | - | 91,665 | 91,665
| At 28 February 2026 | - | - | - | -
| The notes on pages 12 to 19 form part of these financial statements.
Page 11

VANTAGE DATA CENTERS UK BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2026
1. | General information
Vantage Data Centers UK Bidco Limited (the "Company") is principally engaged as an intermediate UK holding company. The Company is a private company limited by shares and is incorporated in the United Kingdom and domiciled in England. The address of its registered office is 1 Bartholomew Lane, London, EC2N 2AX. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared on a going concern basis, under the historical cost convention except the derivative financial instruments at fair value and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The Company's functional and presentation currency is GBP.
| 2.2 | Change in the period
The Company's accounting period end date was changed during the period and, accordingly, these financial statements cover a period of 14 months ended 28 February 2026. The comparative figures relate to the 12-month period ended 31 December 2024 and are therefore not directly comparable.
| 2.3 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Vantage Valkyrie BidCo S.a.r.l. as at 31 December 2024 and these financial statements may be obtained from Bâtiment C2, 2 Rue Peternelchen, L-2370 Howald, Luxembourg. Page 12
VANTAGE DATA CENTERS UK BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.4 | Going concern
The Directors have assessed the ability of the Company to continue as a going concern for the 12 month period from the date of approval of these financial statements, covering the period to 31 July 2027. As part of this assessment, the Directors reviewed the Company’s financial position and discussed with Group management the funding facilities and financial resources available across the wider Group. The Company meets its working capital requirements through support from the wider Group. The Directors have also received a letter of support from the parent company, Vantage Valkyrie BidCo S.à r.l., confirming that sufficient financial support will be made available to enable the Company to continue its operations and meet its liabilities as they fall due through to 31 July 2027. Based on the support available from the wider Group, the letter of support received from the parent company, and the discussions held with Group management regarding the resources and facilities available at Group level, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors have prepared the financial statements on the going concern basis.
| 2.5 | Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income. Deferred tax Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; any ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised off the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
| 2.6 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 13
VANTAGE DATA CENTERS UK BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | 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. The Company enters into basic financial instrument 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 ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 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 the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 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. Page 14
VANTAGE DATA CENTERS UK BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The Company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are not considered to be any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
4. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 14 months ended 28 February | 12 months ended 31 December
|  |  |  |  | 2026 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the Company's annual financial statements | 9 | 12
| The audit fees of £9,450 were settled by Vantage Data Centers UK (Opco) Limited.
5. | Employees and directors
| The Company has no employees. No director received any remuneration during the year in respect of their services to the Company (2024: £Nil).
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VANTAGE DATA CENTERS UK BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2026
6. | Taxation
|  |  |  |  | 14 months ended 28 February | 12 months ended 31 December
|  |  |  |  | 2026 | 2024
|  |  |  |  | £000 | £000
| Total current tax | - | -
| Factors affecting tax charge for the period/year
| The tax assessed for the period/year is the same as (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 14 months ended 28 February | 12 months ended 31 December
|  |  |  |  | 2026 | 2024
|  |  |  |  | £000 | £000
| Loss on ordinary activities before tax | (51,989) | (32)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | (12,997) | (8)
| Effects of: |  |
| Adjustments to recognition of deferred tax | - | 8
| Transfer pricing adjustments | - | 24
| Capital allowances for period/year in excess of depreciation | - | (24)
| Non-deductible expenses | 136,248 | -
| Non-taxable Dividends | (123,248) | -
| Effect of Group relief/ other reliefs | (3) | -
| Total tax charge for the period/year | - | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 16
VANTAGE DATA CENTERS UK BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2026
7. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| At 1 January 2025 | 487,893
| Impairment | (487,893)
| During the year ended 28 February 2026, certain subsidiaries were transferred to an entity under common control as part of an internal reorganisation. As a result, the Company recognised a full impairment of £487,893,000 (2024: nil) on its fixed asset investments.
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Next Generation Data Infrastructure 1 Limited | 2 Old Bath Road, Newbury, Berkshire,RG14 1 LQ | Intermediary holding company | Ordinary | 100%
| Next Generation Data Infrastructure 2 Limited* | 2 Old Bath Road, Newbury, Berkshire,RG14 1 LQ | Intermediary holding company | Ordinary | 100%
| *indirectly held
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VANTAGE DATA CENTERS UK BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2026
8. | Debtors
|  |  |  |  | 28 February | 31 December
|  |  |  |  | 2026 | 2024
|  |  |  |  | £000 | £000
| Due after more than one year |  |
| Amounts owed by group undertakings | - | 94,744
| During the period, £37,643,000 was received and £57,101,000 was impaired as part of group restructuring.
9. | Cash and cash equivalents
|  |  |  |  | 28 February | 31 December
|  |  |  |  | 2026 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | - | 12
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | 31 December
|  |  |  |  | 2026 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | - | 5
| Amounts owed to group undertakings | - | 93,364
| Accruals and deferred income | - | 34
|  | - | 93,403
| During the year, £1,696,000 of amounts owed by group undertakings was repaid. As part of a group restructuring, the remaining balance of £91,665,000 was waived by the counterparty and recognised as a capital contribution.
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VANTAGE DATA CENTERS UK BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 FEBRUARY 2026
11. | Share capital
|  |  |  |  | 28 February | 31 December
|  |  |  |  | 2026 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 100 (2024: 303,461,901) Ordinary shares shares of £1.00 each | - | 303,462
| During the year, the Company completed a reduction of capital under section 642 of the Companies Act 2006. As part of this transaction, the balance on the share premium account of £196,648,000 and share capital of £303,462,000 were cancelled and transferred to retained earnings. The capital reduction was approved by a special resolution of the shareholders.
12. | Reserves
Capital contribution reserve Capital contributions comprise of contributions in-kind to the capital of the Company from the immediate shareholder. During the period, the parent contributed £91,666,000. Share premium Following the capital reduction completed during the year under section 642 of the Companies Act 2006, the balance on the share premium account of £196,648,000 and share capital of £303,462,000 were transferred to retained earnings. Profit and loss account Profit and loss account represents all net gains and losses and transactions with owners (e.g. dividends) that are not recognised elsewhere.
13. | Ultimate parent Company
The immediate parent company is Vantage Data Centers UK Midco Limited, a company incorporated in England. The smallest and largest group to consolidate these financial statements is Vantage Valkyrie BidCo S.a.r.l., a company incorporated in Luxembourg. Copies of the consolidated financial statements may be obtained from: Bâtiment C2 2 Rue Peternelchen L-2370 Howald Luxembourg The ultimate parent company and controlling party is Vantage Valkyrie JV LuxCo SCSp, a Special Limited Partnership incorporated in Luxembourg.
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