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Registered number: 14236061 VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED COMPANY INFORMATION
Directors | J R Acaster
| N J Haslehurst
Company secretary | CSC CLS (UK) Limited
Registered number | 14236061 (England and Wales)
Registered office | C/O CSC CLS (UK) Limited
| 5 Churchill Place
| 10th Floor
| London
| E14 5HU
Independent auditors | Ernst & Young LLP
| The Paragon
| Counterslip
| United Kingdom
| BS1 6BX
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 5
Directors' Responsibilities Statement | 6
Independent Auditors' Report | 7 - 10
Statement of Comprehensive Income | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 21
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present the Strategic Report for Vantage Data Centres United Kingdom (OPCO) Limited (the "Company") for the year ended 31 December 2025.
Business review
The principal activity of the Company is the provision of management services to the Vantage Data Centres EMEA Group ("The Group"). The Group develops and operates data centres for hyperscale customers. The group continues to experience significant leasing growth across a diversified customer base. The Company was incorporated on 15 July 2022. Revenue for the year ended 31 December 2025 was £32,282,000 (2024: £23,616,000) and operating profit was £176,000 (2024: £208,000). At 31 December 2025, the Company had net assets of £701,000 (2024: £496,000).
Principal risks and uncertainties
The main risk the Company faces are supplier price increases and pass through of costs under management agreements with group companies and related parties. Supplier price increases are mitigated by costs being recharged as part of the provision of services. Management agreements with group companies and related parties help ensure that service costs are recoverable, thereby supporting continuity of revenue. The Company’s credit risk relating to its trade receivables is considered by the directors to be limited due to the counterparties being Group companies and other related parties. Cash flow projections have been reviewed at the Group level including the impact of potential risks and uncertainties. Changes in economic conditions and fluctuations in currency exchange rates have been considered and it has been concluded that the Group will be able to meet its obligations as they fall due.
Financial key performance indicators
The main performance indicator is effective management and timely recharge of administrative expenses. This report was approved by the board on 19 June 2026 and signed on its behalf.
................................................ N J Haslehurst Director
Page 1
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for Vantage Data Centers United Kingdom (OPCO) Limited (the "Company") for the year ended 31 December 2025.
Principal activity
The Company is principally engaged as a service company to the Vantage Data Centres EMEA group of companies.
Results and dividends
The profit for the year, after taxation, amounted to £205,000 (2024: £239,000). The directors do not recommend payment of a final dividend (2024: £Nil).
Directors
The directors who served during the year were:
J R Acaster (appointed 10 December 2025)
N J Haslehurst (appointed 30 June 2025)
D S Culbard (resigned 30 June 2025) J M Jenkins (resigned 10 December 2025) V B Regan (resigned 10 December 2025) Page 2
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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 30 June 2027. This assessment has included a review of the Company’s financial position, cash flow forecasts, and the potential impact of various risks and uncertainties, including the current economic environment. The Company provides strategic management services to Vantage Data Centers Europe S.à r.l., other Group companies and related parties. These services are integral to the Group’s operations and support its ability to meet the growing demand for cloud infrastructure and data centre capacity, underpinning the Group’s future business outlook. Based on this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence during the going concern period. Accordingly, the financial statements have been prepared on a going concern basis. The directors have considered the following factors in their assessment: • Financial position: The Company is in a healthy financial position, with net current assets of £701,000 and cash balances of £448,000 as at 31 December 2025. The Company continues to meet its working capital requirements through effective working capital management and maintains sufficient liquidity to meet its short-term obligations. • Cash flow forecasts: The directors have prepared detailed cash flow forecasts covering the going concern period to 30 June 2027. These forecasts indicate that the Company is expected to generate sufficient cash flows to meet its liabilities as they fall due, supported by its role within the Group and ongoing service arrangements. The forecasts have been stress-tested to reflect potential adverse scenarios. • Risks and uncertainties: The directors have considered the principal risks facing the Company, including the broader economic environment. The Company has demonstrated resilience and adaptability given its role in providing services to the wider Group, where demand continues to be driven by structural growth in cloud infrastructure and data centre services. The Company’s exposure to commercial risk is limited, as its activities are supported by intra-group arrangements, including cost recharge mechanisms, which protect margins and support liquidity. In conclusion, the directors are confident that the Company will continue to operate as a going concern for the period to 30 June 2027 and have therefore prepared the financial statements on a going concern basis.
Future developments
The Company will continue to operate as a service company to the group. Future developments are discussed in the Business review section of the Strategic Report. Page 3
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial risk management
The Company's activities expose it to a variety of financial risks including credit risk and liquidity risk. The Company's principal financial instruments comprise amounts owed to group undertakings, amounts owed by other related parties, cash at bank and trade creditors. The main purpose of these instruments is to finance the Company's operation. Credit risk The Company's credit risk is primarily attributable to its trade debtors, which are with other group companies and related parties. The amounts presented in the Balance Sheet are net of allowances for doubtful debtors. The credit risk on cash at bank is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Liquidity and cash flow risk The Company manages liquidity risk by closely monitoring the timing of working capital inflows and outflows. The Company prepares detailed cash flow forecasts to ensure it meets its working capital obligations as they fall due. Price risk The Company is exposed to the risk of price increases from suppliers. These are mitigated by the Company recharging costs incurred to other group companies and related parties.
Qualifying third-party indemnity provisions
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 period and also at the date of approval of the financial statements. Page 4
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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
Under section 487(2) of the Companies Act 2006, Ernst & Young LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 19 June 2026 and signed on its behalf.
................................................ N J Haslehurst Director
Page 5
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 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 all applicable United Kingdom Accounting Standards, including FRS 102, have been complied with, and disclose any material departures addressed and explained within the financial statements; and ∙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. Page 6
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED
Opinion
We have audited the financial statements of Vantage Data Centers United Kingdom (OPCO) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 18, 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 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 United Kingdom, including the Financial Reporting Council'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 30 June 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 7
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) 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 year 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; or
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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. Page 8
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED (CONTINUED)
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, 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. In addition, the Company has to comply with laws and regulations relating to its operations, including UK employment and health and safety. • We understood how Vantage Data Centers United Kingdom OPCO Limited is complying with those frameworks by making enquiries with management and those charged with governance to understand how the Company maintains and communicates its policies and procedures in these areas. We understood any controls put in place by management 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, and inappropriate revenue recognition. In response, we performed the below: o With regard to management override, 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. o In performing our work over revenue recognition, we identified that the areas most susceptible to fraud related to revenue charged to other group companies based on costs incurred. To address this risk, we assessed the appropriateness of revenue recognition by selecting a sample of expense transactions throughout the period and testing how these were recharged as revenue. This included agreeing underlying costs, where possible, to third party invoices, evaluating the categorisation and mapping of expenses, assessing the reasonableness of mark-ups applied, and recalculating the resulting revenue on an overall basis to ensure it was appropriately derived. o The procedures explained above were designed to provide reasonable assurance that the financial statements are free from material fraud or error. Page 9
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED (CONTINUED) • Based on our understanding of the laws and regulations identified above, we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved agreeing that material transactions are 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 19 June 2026 Page 10
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 5 | 32,282 | 23,616
Operating expenses | 6 | (32,106) | (23,408)
Operating profit | 6 | 176 | 208
Interest receivable and similar income | 9 | 29 | 31
Profit before tax |  | 205 | 239
Tax on profit | 10 | - | -
Profit for the financial year |  | 205 | 239
The notes on pages 14 to 21 form part of these financial statements.
Page 11
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED REGISTERED NUMBER: 14236061 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Current assets |  |  |  |  |
Debtors | 11 | 3,752 |  | 1,801 |
Prepayments and accrued income |  | 343 |  | 1,062 |
Cash at bank and in hand | 12 | 448 |  | 2,859 |
|  | 4,543 |  | 5,722 |
Creditors: amounts falling due within one year | 13 | (3,842) |  | (5,226) |
Net current assets |  |  | 701 |  | 496
Total assets less current liabilities |  |  | 701 |  | 496
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | - |  | -
Retained earnings |  |  | 701 |  | 496
|  |  | 701 |  | 496
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 June 2026.
................................................ N J Haslehurst
Director
The notes on pages 14 to 21 form part of these financial statements. Page 12

|  | VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
|  | Called up share capital | Retained earnings | Total equity
|  | £000 | £000 | £000
| At 1 January 2024 | - | 257 | 257
| Comprehensive income for the year |  |  |
| Profit for the year | - | 239 | 239
| At 1 January 2025 | - | 496 | 496
| Comprehensive income for the year |  |  |
| Profit for the year | - | 205 | 205
| At 31 December 2025 | - | 701 | 701
| The notes on pages 14 to 21 form part of these financial statements.
Page 13

VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Vantage Data Centers United Kingdom (OPCO) Limited (the "Company") is principally engaged as a service company to the Vantage Data Centers EMEA group of companies. The Company is a private company limited by shares and is incorporated in the United Kingdom, and registered and domiciled in England and Wales. The address of its registered office is C/O CSC CLS (UK) Limited, 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU. 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 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. The Company’s functional and presentation currency is GBP. The financial statements are presented in pounds sterling and rounded to the nearest thousand (£'000). The following principal accounting policies have been applied consistently throughout the period:
| 2.2 | 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 Data Centers Europe S.a.r.l as at 31 December 2025 and these financial statements may be obtained from Bâtiment C2, 2 Rue Peternelchen, L-2370 Howald, Luxembourg. Page 14
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | 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 30 June 2027. This assessment has included a review of the Company’s financial position, cash flow forecasts, and the potential impact of various risks and uncertainties, including the current economic environment. The Company provides strategic management services to Vantage Data Centers Europe S.à r.l., other Group companies and related parties. These services are integral to the Group’s operations and support its ability to meet the growing demand for cloud infrastructure and data centre capacity, underpinning the Group’s future business outlook. Based on this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence during the going concern period. Accordingly, the financial statements have been prepared on a going concern basis. The directors have considered the following factors in their assessment: • Financial position: The Company is in a healthy financial position, with net current assets of £701,000 and cash balances of £448,000 as at 31 December 2025. The Company continues to meet its working capital requirements through effective working capital management and maintains sufficient liquidity to meet its short-term obligations. • Cash flow forecasts: The directors have prepared detailed cash flow forecasts covering the going concern period to 30 June 2027. These forecasts indicate that the Company is expected to generate sufficient cash flows to meet its liabilities as they fall due, supported by its role within the Group and ongoing service arrangements. The forecasts have been stress-tested to reflect potential adverse scenarios. • Risks and uncertainties: The directors have considered the principal risks facing the Company, including the broader economic environment. The Company has demonstrated resilience and adaptability given its role in providing services to the wider Group, where demand continues to be driven by structural growth in cloud infrastructure and data centre services. The Company’s exposure to commercial risk is limited, as its activities are supported by intra-group arrangements, including cost recharge mechanisms, which protect margins and support liquidity. In conclusion, the directors are confident that the Company will continue to operate as a going concern for the period to 30 June 2027 and have therefore prepared the financial statements on a going concern basis.
| 2.4 | Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 15
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and • 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 value 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. 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 suing tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply tot he reversal of the timing difference. Page 16
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Taxation (continued)
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | 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.
3. | Change in accounting policy - presentation of expenses
During the year, the Directors changed the presentation of expenses in the income statement from a classification based on function to a classification based on the nature of expenses. The Directors consider that this change provides more reliable and relevant information to users of the financial statements, as the Company operates as a centralised service entity for the Group and does not have a clear distinguishable cost of sales or cost of services. Allocation of costs between functional categories would require significant judgement and may result in arbitrary apportionment. The revised presentation better reflects the underlying cost structure of the Company and how the business is managed. This change represents a change in accounting policy under FRS 102 rather than the correction of a prior period error, as both presentation methods are permitted under the applicable financial reporting framework and the previous presentation did not result from an incorrect application of accounting policies. The change has been applied retrospectively in accordance with FRS 102. Comparative figures have been re-presented to conform with the current year presentation. The change affects presentation only and has no impact on profit for the year, net assets, equity or cash flows. Page 17
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | 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. Key accounting estimates and assumptions: 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 amount of assets and liabilities within the next financial year.
5. | Turnover
All turnover arises from the principal activities of the Company and generated in the United Kingdom.
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Exchange differences | 69 | (76)
| Auditor's remuneration | 28 | 22
| Administration and professional expenses | 10,765 | 8,484
| Operating lease expense | 72 | 65
| Management fees | 21,172 | 14,913
|  | 32,106 | 23,408
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 28 | 22
8. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 : £NIL).
| The directors’ remuneration is paid by VDC UK Management Company Limited, and no recharge is made to the Company. The directors also serve as directors of VDC UK Management Company Limited and other group entities, and it is not practical to reliably apportion their remuneration to the Company. Accordingly, no directors’ remuneration has been recognised in these financial statements.
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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Deposit account interest | 29 | 31
|  | 29 | 31
10. | Taxation
| No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the period ended 31 December 2024.
| Reconciliation of total tax charge included in profit and loss
| The tax assessed for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 205 | 239
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 51 | 60
| Effects of: |  |
| Effects of group relief | (51) | (60)
| Total tax charge for the year | - | -
| Factors that may affect future tax charges
Vantage Data Centres United Kingdom (OPCO) Limited is a tax resident in the UK by virtue of central management control being exercised in the UK. The disclosure above is therefore based on the prevailing UK tax legislation.
11. | Debtors: Amounts receivable within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed by other related parties | 2,236 | 1,320
| Amounts owed by group undertakings | 1,516 | 481
|  | 3,752 | 1,801
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 448 | 2,859
|  | 448 | 2,859
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 672 | 520
| Amounts owed to group undertakings | 1,611 | 2,640
| VAT | 774 | 908
| Accruals | 785 | 1,158
|  | 3,842 | 5,226
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares shares of £1.00 each | - | -
15. | Contingent liabilities
There is a charge over the Company's assets in respect of subordinated debt within Vantage Data Centers Jersey Borrower SPV Limited. This relates to the receivables that the company holds with Vantage Data Centers UK Limited (a subsidiary and subordinated creditor of Vantage Data Centers Jersey Borrower SPV Limited). Page 20
VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | 38 | 38
| Later than 1 year and not later than 5 years | 94 | 121
|  | 132 | 159
17. | Related party transactions
| At 31 December 2025, the Company had an outstanding trade receivable of £2,236,000 (2024: £1,320,000) from Vantage Data Centers UK Limited (a related party outside of the control of the Group). During the year, the Company recognised revenue of £13,221,000 (2024: £11,856,000) from Vantage Data Centers UK Limited. There were no other related party transactions outside of the Group during the year.
18. | Controlling party
The immediate parent company is Vantage Data Centers Europe Sarl, a company incorporated in Luxembourg. The smallest group and largest to consolidate these financial statements is Vantage Data Centers Europe Sarl, a company incorporated in Luxembourg with a registered address of Bâtiment C2, 2 Rue Peternelchen, L-2370 Howald, Luxembourg. Copies of the consolidated financial statements of Vantage Data Centers Europe Sarl may be obtained from: Bâtiment C2, 2 Rue Peternelchen L-2370 Howald Luxembourg The ultimate parent company and controlling party is F1 Europe JV, a company incorporated in the Cayman Islands.
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