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REGISTERED NUMBER: 08422391 (England and Wales)

| OSMOSIS (HOLDINGS) LIMITED |

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2026 |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 8 |

Report of the Independent Auditors | 10 |

Consolidated Income Statement | 14 |

Consolidated Other Comprehensive Income | 15 |

Consolidated Balance Sheet | 16 |

Company Balance Sheet | 17 |

Consolidated Statement of Changes in Equity | 18 |

Company Statement of Changes in Equity | 19 |

Consolidated Cash Flow Statement | 20 |

Notes to the Consolidated Cash Flow Statement | 21 |

Notes to the Consolidated Financial Statements | 23 |

OSMOSIS (HOLDINGS) LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2026

| DIRECTORS: | Mr B G Dear

| Mr S Drews

| Mr G Stephen

| Mrs M R Edwards

| Mr M K Even

| Mr P R Maher

| REGISTERED OFFICE: | 36-38 Botolph Lane

| London

| United Kingdom

| EC3R 8DE

| REGISTERED NUMBER: | 08422391 (England and Wales)

| AUDITORS: | Beavis Morgan Audit Limited, Statutory Auditor

| 3rd Floor

| Marlborough House

| 298 Regents Park Road

| Finchley

| London

| N3 2SZ

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their strategic report of the company and the group for the year ended 31 March 2026.

REVIEW OF BUSINESS

The 2025/26 financial year represented a step change in the Osmosis Group's strategic development. Significant investment in research, data, technology and people strengthened the Group's systematic investment platform, broadened its capabilities across equities and credit, and positioned Osmosis to apply its investment philosophy to a wider range of markets and client needs.

The Group's long-only strategies operated against one of the most challenging market environments for active investors in recent years. For much of the period, global equity returns were driven by a narrow group of large-cap technology stocks, with momentum dominating market leadership and capital increasingly concentrated in a small number of names. Continued uncertainty surrounding United States trade and energy policy added further volatility throughout the year. Towards the end of the period, the closure of the Strait of Hormuz and renewed conflict in the Middle East triggered a sharp repricing of global energy and commodity markets, reinforcing the importance of energy security, supply chain resilience and efficient resource use.

While these conditions created short-term headwinds for the Group's investment strategies, they also strengthened the long-term investment case that underpins Osmosis's philosophy. The Group believes companies that create greater value from fewer resources are often better positioned to navigate rising input costs, operational disruption and an increasingly resource-constrained global economy. Resource Efficiency is not simply an environmental characteristic; it is a source of operational resilience, competitive advantage and long-term investment value.

Product and strategy launches

The Group continued to broaden its investment capabilities during the year, translating its research platform into new investment solutions across markets and asset classes. In December 2025, it launched the Osmosis Emerging Markets Core Equity Transition Fund, a UCITS fund seeded with USD 80 million by the IMAS Foundation. The strategy followed a three-year research programme to develop one of the industry's most comprehensive and standardised environmental datasets for emerging markets. In May 2025, a number of the Group's funds were renamed to comply with the European Securities and Markets Authority's guidelines on the use of ESG and sustainability-related terms in fund names; the underlying investment strategies remained unchanged. The Group also expanded into active fixed income through its Netherlands-based associate, extending its investment philosophy beyond systematic equities.

Investment team and leadership

People remain the Group's greatest competitive advantage. During the year, Osmosis made one of the most significant investments in talent since its inception, strengthening its leadership, research and investment teams to support the next phase of the firm's growth.

In November 2025, the Group announced the appointment of Dr Fadi Zaher, formerly Head of Index Solutions at Legal & General Investment Management, as Chief Investment Officer, effective 2 April 2026. Dr Zaher joined alongside four senior investment professionals from Legal & General, substantially strengthening the Group's expertise in quantitative research, systematic portfolio construction and investment innovation.

The Group also appointed Colm O'Brien as Global Head of Strategy and Client Solutions and, in March 2026, Mark Hardiman as Chief Financial Officer. Together, these appointments significantly enhance the Group's research, investment, commercial and operational capabilities, providing a strong foundation for the next phase of growth.

Netherlands and fixed income

The launch of the Group's fixed income business represents the most significant strategic expansion of the Osmosis platform since the firm's inception.The Group extended its sustainable investment approach into fixed income during the year through its launch of Netherlands based associate, Osmosis Investment Management NL B.V. reflects the Group's long-term vision of applying its sustainable research, data and analytics platform across multiple asset classes. Following authorisation by the Dutch regulator in April 2025, the business launched the Osmosis Global Credit UCITS Fund and the Osmosis Global High Yield UCITS Fund on 2 July 2025, supported by EUR 300 million of seed capital from the Commonwealth Superannuation Corporation of Australia. Led by Chief Investment Officer Victor Verberk, one of the industry's most experienced credit investors, the business grew to a dedicated team of fifteen investment professionals during the year, including three senior hires in October 2025.The Group holds an equity stake in the business, which is accounted for as an associate held at fair value.

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Australia

Australia remained a strategically important market for the Group during the year, underpinned by long-standing institutional relationships and continued demand for the Group's systematic investment capabilities. The Group's Core Equity ex Fossil Fuels strategy continued to attract interest from Australian superannuation funds, endowments and institutional investors.

The Commonwealth Superannuation Corporation (CSC) has been one of the Group's most significant strategic partners since becoming a client in 2021. During that time, CSC has supported the Group's growth across multiple initiatives, including providing the EUR 300 million seed investment for the Group's Netherlands-based fixed income business. Following the year end, CSC undertook a strategic repositioning of parts of its portfolio, moving a number of externally managed mandates, including those managed by Osmosis, closer to benchmark. This decision was unrelated to the Group's investment performance and reflected broader portfolio construction objectives. The relationship between CSC and the Group remains strong, with continued engagement across a number of initiatives, and the Board believes the Group is well positioned to participate in future opportunities as CSC's investment programme continues to evolve.

North America

The two exchange traded funds launched in partnership with Harbor Capital continued to build assets, strengthening the Group's listed presence in the United States and extending the reach of its investment capabilities to a broader investor base, including its first unitised Emerging Markets strategy. While the Group's US sub-advised model portfolio business reduced during the year following client reallocations, the Group continues to see significant long-term opportunities to expand its presence in the region through institutional partnerships.

United Kingdom

The United Kingdom remained a core market for the Group, with the Local Government Pension Scheme (LGPS) sector continuing to represent an important long-term opportunity. The Group maintained all of its existing LGPS mandates, which grew modestly in aggregate during the year, reflecting the strength of its client relationships and investment proposition. As the ongoing pooling of pension assets reshapes the market, the Group believes its systematic investment capabilities, research-led approach and strong track record position it well to deepen existing relationships and participate in future opportunities.

Recognition and stewardship

The Group's investment capabilities and commitment to research excellence continued to receive industry recognition during the year. Osmosis was named Equities Manager of the Year at the Pensions Age Awards and received Best Specialist ESG Research at the ESG Investing Awards, recognising the strength of its systematic investment approach and continued innovation in sustainability-related investment research.

The Group also maintained its strong commitment to responsible stewardship. In the 2025 UN Principles for Responsible Investment (PRI) assessment, its principal UK entity achieved five-star ratings in both the Policy, Governance and Strategy and Active Quantitative Listed Equity modules, placing it well above the reported industry median.

Strategic capital commitment

In February 2026 the Group announced a strategic capital commitment from its long -term shareholders, led by Amova Asset Management, the Oxford Endowment Fund and the Sustainable Investors Fund managed by Capricorn Investment Group. The commitment represents a strong endorsement of the Group's long-term strategy and provides additional capacity to accelerate investment in its research, data and analytics platform, technology infrastructure and investment capabilities across both equities and credit.

The Osmosis Group monitors its assets under management and advice ("AuA"), which are the source of the Group's revenue and serve as measures of absolute performance, the changes of which serve to indicate relative performance through time. The AuA levels at the end of the year under review, with the category prior year comparatives, follow below.

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Market volatility and strategy performance

Global equity markets continued to carry risk during the year. Markets were led higher for much of the period by a narrow group of large technology companies, while inflation showed signs of steadying and major central banks moved towards lower base rates to help support economic growth. In the final quarter of the year the closure of the Strait of Hormuz and renewed conflict in the Middle East delivered the largest disruption to global energy supply in decades, driving a sharp rise in oil and commodity prices and a rotation of capital towards perceived safety. The ongoing war in Ukraine and continued polarisation between the United States and China maintained elevated volatility in markets.

While these conditions created short-term headwinds for many investment managers, for Osmosis they also strengthened the long-term investment case that underpins the Group's philosophy. Rising energy, materials and input costs increasingly reward businesses that use resources more efficiently, reinforcing the Group's conviction that Resource Efficiency is not simply an environmental characteristic, but a source of operational resilience, competitive advantage and long-term investment value.

Against this backdrop, the Group continued to attract new institutional clients and additional allocations from existing investors, reflecting continued confidence in its investment capabilities and long-term strategy. Overall Assets under Management and Advice (AuA) reduced during the year, principally as a result of two large segregated mandate redemptions, partially offset by growth in pooled strategies, continued support from existing clients and the successful launch of the Group's Emerging Markets and fixed income capabilities.

At the end of the year the Assets under management and advice (AuA) for the Group were:

Assets under management and advice |  | 31 March 2026 |  | 31 March 2025 |  |

Overall AuA |  | $13,614million |  | $17,014 million |  |

Core Strategies |  |

Core Equity |  | $2,294 million |  | $6,972 million |  |

Core Equity ex Fossil Fuels |  | $1,896 million |  | $1,714 million |  |

Core Equity ex Australia |  | $2,361 million |  | $2,101 million |  |

Core Equity Composite |  | $6,758 million |  | $5,842 million |  |

Active Strategies |  |

US Sub-advised |  | $111 million |  | $279 million |  |

Emerging Markets |  |

Harbor EM ETF |  | $114 million |  | $106 million |  |

Emerging Markets Core Equity Transition Fund(Launched December 2025) |  | $78 million |  | $nil |  |

POSITION OF THE GROUP'S BUSINESS AT THE END OF THE YEAR

The Group ended the financial year in a strong strategic position, having significantly strengthened its investment capabilities, broadened its addressable markets and secured additional long-term shareholder support.

The main features of the Group's financial position are as follows:

Cash at bank |  | £3.99 million |  |

Shareholders funds |  | £7.36 million |  |

Retained profit for the year |  | £4.89 million |  |

AuA |  | $13.6 billion |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The reported profit for the year reflects a fair value gain recognised on the Group's minority investment in its Netherlands based associate. Excluding this gain, the underlying trading remained in loss as the Group continued to invest ahead of growth, with expenditure focused on expanding and diversifying its research, data and analytics capabilities.

The Board remains confident in the Group's long-term prospects. Demand continues to grow for systematic investment solutions that combine rigorous quantitative research with sustainability-related investment intelligence, and the Group believes its differentiated investment philosophy, expanding research platform and growing multi-asset capabilities position it well for future growth.

During the year, the Group broadened its distribution capabilities and further strengthened relationships with institutional investors and intermediaries across Australia, Europe, North America and Asia. The expansion into active fixed income, together with the launch of the Emerging Markets strategy and continued investment in research and innovation, has materially increased the Group's long-term growth opportunities. The pipeline of prospective client opportunities remained encouraging throughout the year, providing the Board with confidence in the Group's strategic direction.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the Group continue to arise from prolonged dislocations in global financial markets, geopolitical instability and changes in the macroeconomic and regulatory environment. While such conditions can create periods in which market leadership becomes unusually concentrated, they also reinforce the long-term structural trends that underpin the Group's investment philosophy, including resource scarcity, rising input costs and the increasing importance of operational resilience.

A relatively small number of institutional investors provide a significant portion of the AuA of the Osmosis Group. Re-allocation decisions by one or more of these investors could have a material negative impact on revenues. This risk was evidenced during the year, when the redemption of two large, segregated equity mandates was the principal driver of the reduction in Group AuA. This further reinforces the importance of the Group's long-term strategy to diversify its client base, broaden its investment capabilities across asset classes, and expand its geographic footprint.

The Group continues to monitor regulatory developments across all jurisdictions in which it operates. Its authorised business in the Netherlands provides a strong platform from which to support clients across Europe while responding to evolving regulatory requirements.

Volatility in currency markets creates a certain amount of volatility in the sterling value of the Group's income streams, which are partially naturally hedged. As the Group's business builds further, the opportunities to create more stability in those streams are monitored closely.

The Group's investment process is founded on systematic research and quantitative portfolio construction. While these models are designed to operate without discretionary intervention during normal market conditions, they are subject to continuous research, monitoring and periodic stress testing to ensure their resilience under a wide range of market scenarios.

The Osmosis Group's principal financial instruments comprise bank balances, trade debtors, trade creditors, convertible loan notes and preference shares. Bank balances represent the level of liquid resources available to the Group in support of normal operations. Trade debtors and creditors arise in the normal course of events; neither is specifically used to provide finance for the Osmosis Group, and significant balances normally arise only due to settlement timing.

The objective of the Osmosis Group is to achieve continual above benchmark growth in the level of investment assets from which its revenues are derived. While the Group reported a profit for the year, this reflected the fair value gain on its associate and underlying trading remained loss making; the business continued to invest ahead of growth through increased expenditure on research, technology, investment capabilities and distribution.

The Board believes these investments strengthen the Group's long-term competitive position and remain consistent with its strategy of building a scalable research-led investment platform.

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Liquidity risk is managed through prudent capital planning, maintaining appropriate funding from shareholders and finance providers, and disciplined expenditure management. Investment continues to be directed towards supporting ongoing operations, strengthening the Group's research and technology capabilities, and developing new sources of long-term revenue, while enhancing existing ones.

Credit and cash flow risk is managed by monitoring amounts outstanding for age of debt and against relevant mandates. No credit is extended to customers. Due to the nature of the investors, collection of fees due may take up to 90 days. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Cyber risks

The level of threat from malicious electronic attack to organisations and individuals continues to rise, and regulatory focus on this area continues. The Osmosis Group is not immune to cyber attacks and remains alert to the possibility of having its operations significantly compromised by such attacks. The directors have accordingly taken all reasonable measures to ensure that the Osmosis Group is both well protected and able to recover from a breach of defences swiftly. The Group ensures that all of its staff are knowledgeable about extant cyber threats through a programme of ongoing training and awareness testing, ensures that its infrastructure is as robust as possible, and periodically tests its defences. The Group maintains cyber insurance, and ongoing investment in infrastructure continues to increase resilience and mitigate foreseeable downside effects.

Uncertainties and risks for the Osmosis Group

Russia's war on Ukraine and the resulting sanctions continue to affect world markets, as does United States policy on import tariffs, to which other major economies respond. Renewed conflict in the Middle East and the disruption to global energy supply introduced significant uncertainty late in the year. Price inflation experienced in major economies has generally been on a downward trend following central bank interventions, although the energy shock introduces a fresh upward risk. Many of these structural developments-, including higher energy costs, resource constraints, increasing environmental regulation and changing patterns of capital investment-reinforce the long-term themes that underpin the Group's investment philosophy. Nevertheless, the timing and pace with which markets recognise these characteristics remain uncertain, and periods of elevated volatility can be expected to continue.The Group continues to mitigate these uncertainties by investing in differentiated investment capabilities, deepening client relationships and expanding its presence across asset classes and international markets.

Operationally, the Group continued to operate effectively, with hybrid working as the operating model for the foreseeable future. The flexibility and resilience of the technology infrastructure continued to serve the Group well.

Viability of the Group

An element of the Group's risk management approach is to stress-test the business by considering a range of scenarios. Accordingly, around a central case, a number of financial forecast variations are developed, and which are a function of the key factors bearing on income levels, linked variable expense levels and semi-variable expenditure commitments. The development of scenario analysis enables the Group's management to be cognisant of potential sets of conditions to which responses can be planned, which include taking action to reduce expenditure levels and seeking further shareholder support and the speed with which any given action might need to be taken.

Included in the range of scenarios considered are those in which a significant and sustained fall in global equity markets is experienced. The Group has the ability to withstand such conditions should they occur and to take all appropriate actions to sustain the continuation of the Group.

Within the scope of the forward planning and scenario analysis sits the requirement to ensure that the Group is able to meet the FCA's applicable capital requirements and funding obligations. There is therefore careful and continuous monitoring of the Group's position with respect to both aspects.

The Financial Reporting Council requires all companies to rigorously assess all the factors affecting the business when deciding to adopt a going-concern basis for the preparation of accounts. Having reviewed results of stress-tests, as well as the Group's financial plans and level of resources, the Board considers the adoption of the going-concern basis to be appropriate.

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Directors' Statement of Compliance with duty to promote the success of the Group

The Osmosis Group is an investment manager and research house, focused on sustainability and environment foot-printing. It provides the opportunity to investors to allocate their assets to a range of investment strategies, all of which are centred on quantitative methods of optimizing portfolios based on the efficient use of resources by the universe of investable companies. The effective management of assets allocated by clients is of paramount importance to the Group.

The Directors of Osmosis (Holdings) Limited have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

Section 172 considerations are embedded in the decision making at Board level and throughout the Group.

ON BEHALF OF THE BOARD:

Mr G Stephen - Director

30 July 2026

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITIES

During the year the principal activities of the group were a holding company, to provide investment management services and to be involved in the development of intellectual property and provision of services.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

DIRECTORS

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

Mr B G Dear

Mr S Drews

Mr G Stephen

Mrs M R Edwards

Mr M K Even

Other changes in directors holding office are as follows:

Mr P R Maher was appointed as a director after 31 March 2026 but prior to the date of this report.

Ms S Robertson ceased to be a director after 31 March 2026 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2026

AUDITORS

The auditors, Beavis Morgan Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr G Stephen - Director

30 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

OSMOSIS (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of Osmosis (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2026 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

OSMOSIS (HOLDINGS) LIMITED

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

OSMOSIS (HOLDINGS) 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:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess

compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- Enquiring of management concerning actual and potential litigation and claims.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- Reading minutes of meetings of those charged with governance.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment forgery, collusion, omission or misrepresentation.

Whilst this is the case, our audit approach adopts a risk based approach which ensures that appropriate attention is devoted to the areas assessed as key audit risks. We performed a combination of procedures Including analytical review, detailed substantive verification of transactions and balances as well as detailed test of controls, where appropriate.

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

OSMOSIS (HOLDINGS) 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.

Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Beavis Morgan Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

30 July 2026

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

| 2026 |  | 2025

| Notes | £ | £ |

TURNOVER | 4 | 6,164,943 |  | 6,403,563 |  |

Administrative expenses | 7,726,029 |  | 6,584,933 |  |

GROUP OPERATING LOSS | 6 | (1,561,086 | ) | (181,370 | ) |

Share of operating profit/(loss) in

Associates | 231,885 |  | (231,885 | ) |

Interest receivable and similar income | 39,402 |  | 289,085 |  |

(1,289,799 | ) | (124,170 | ) |

Gain/loss on revaluation of investments | 6,616,356 |  | - |  |

5,326,557 |  | (124,170 | ) |

Interest payable and similar expenses | 7 | 246,192 |  | - |  |

PROFIT/(LOSS) BEFORE TAXATION | 5,080,365 |  | (124,170 | ) |

Tax on profit/(loss) | 8 | (39,023 | ) | - |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 5,119,388 |  | (124,170 | ) |

Profit/(loss) attributable to:

Owners of the parent | 5,119,388 |  | (124,170 | ) |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

| 2026 |  | 2025

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 5,119,388 |  | (124,170 | ) |

OTHER COMPREHENSIVE INCOME |

Other comprehensive income | (5,656 | ) | 8,159 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (5,656 | ) | 8,159 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 5,113,732 |  | (116,011 | ) |

Total comprehensive income attributable to:

Owners of the parent | 5,113,732 |  | (116,011 | ) |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

CONSOLIDATED BALANCE SHEET

31 MARCH 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 2,423,140 |  | 1,674,653 |  |

Tangible assets | 11 | 7,503 |  | 6,769 |  |

Investments | 12 |

| Interest in associate | 6,616,441 |  | (231,800 | ) |

9,047,084 |  | 1,449,622 |  |

CURRENT ASSETS

Debtors | 13 | 2,517,546 |  | 2,931,377 |  |

Cash at bank | 3,989,558 |  | 473,598 |  |

6,507,104 |  | 3,404,975 |  |

CREDITORS

Amounts falling due within one year | 14 | 898,903 |  | 1,146,356 |  |

NET CURRENT ASSETS | 5,608,201 |  | 2,258,619 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 14,655,285 |  | 3,708,241 |  |

CREDITORS

Amounts falling due after more than one year | 15 | 7,064,351 |  | 1,695,731 |  |

NET ASSETS | 7,590,934 |  | 2,012,510 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 2,050 |  | 2,040 |  |

Share premium | 18 | 14,791,421 |  | 14,326,739 |  |

Other reserves | 18 | (489 | ) | (489 | ) |

Fair value reserve | 18 | 6,616,356 |  | - |  |

Retained earnings | 18 | (13,818,404 | ) | (12,315,780 | ) |

SHAREHOLDERS' FUNDS | 7,590,934 |  | 2,012,510 |  |

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

Mr G Stephen - Director

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

COMPANY BALANCE SHEET

31 MARCH 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 7,503 |  | 6,769 |  |

Investments | 12 | 6,681,692 |  | 65,336 |  |

6,689,195 |  | 72,105 |  |

CURRENT ASSETS

Debtors | 13 | 8,259,826 |  | 7,273,456 |  |

Cash at bank | 2,255,954 |  | 337,636 |  |

10,515,780 |  | 7,611,092 |  |

CREDITORS

Amounts falling due within one year | 14 | 8,739,120 |  | 8,089,359 |  |

NET CURRENT ASSETS/(LIABILITIES) | 1,776,660 |  | (478,267 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,465,855 |  | (406,162 | ) |

CREDITORS

Amounts falling due after more than one year | 15 | 7,064,351 |  | 1,695,731 |  |

NET ASSETS/(LIABILITIES) | 1,401,504 |  | (2,101,893 | ) |

CAPITAL AND RESERVES

Called up share capital | 17 | 2,050 |  | 2,040 |  |

Share premium | 18 | 14,791,421 |  | 14,326,739 |  |

Fair value reserve | 18 | 6,616,356 |  | - |  |

Retained earnings | 18 | (20,008,323 | ) | (16,430,672 | ) |

SHAREHOLDERS' FUNDS | 1,401,504 |  | (2,101,893 | ) |

Company's profit/(loss) for the financial year | 3,038,705 |  | (2,119,413 | ) |

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

Mr G Stephen - Director

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 April 2024 | 2,016 |  | (12,199,769 | ) | 13,522,488 |  |

Changes in equity

Issue of share capital | 24 |  | - |  | 804,251 |  |

Total comprehensive income | - |  | (116,011 | ) | - |  |

Balance at 31 March 2025 | 2,040 |  | (12,315,780 | ) | 14,326,739 |  |

Changes in equity

Issue of share capital | 10 |  | - |  | 464,682 |  |

Total comprehensive income | - |  | (1,502,624 | ) | - |  |

Balance at 31 March 2026 | 2,050 |  | (13,818,404 | ) | 14,791,421 |  |

| Fair |

| Other |  | value |  | Total

| reserves |  | reserve |  | equity

£ | £ | £ |

Balance at 1 April 2024 | (489 | ) | - |  | 1,324,246 |  |

Changes in equity

Issue of share capital | - |  | - |  | 804,275 |  |

Total comprehensive income | - |  | - |  | (116,011 | ) |

Balance at 31 March 2025 | (489 | ) | - |  | 2,012,510 |  |

Changes in equity

Issue of share capital | - |  | - |  | 464,692 |  |

Total comprehensive income | - |  | 6,616,356 |  | 5,113,732 |  |

Balance at 31 March 2026 | (489 | ) | 6,616,356 |  | 7,590,934 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

| Called up |  | Fair |

| share |  | Retained |  | Share |  | value |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 April 2024 | 2,016 |  | (14,311,259 | ) | 13,522,488 |  | - |  | (786,755 | ) |

Changes in equity

Issue of share capital | 24 |  | - |  | 804,251 |  | - |  | 804,275 |  |

Total comprehensive income | - |  | (2,119,413 | ) | - |  | - |  | (2,119,413 | ) |

Balance at 31 March 2025 | 2,040 |  | (16,430,672 | ) | 14,326,739 |  | - |  | (2,101,893 | ) |

Changes in equity

Issue of share capital | 10 |  | - |  | 464,682 |  | - |  | 464,692 |  |

Total comprehensive income | - |  | (3,577,651 | ) | - |  | 6,616,356 |  | 3,038,705 |  |

Balance at 31 March 2026 | 2,050 |  | (20,008,323 | ) | 14,791,421 |  | 6,616,356 |  | 1,401,504 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

| 2026 |  | 2025

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (1,195,700 | ) | (9,589 | ) |

Interest paid | (246,192 | ) | - |  |

Tax paid | - |  | 4,175 |  |

Taxation refund | 76,416 |  | - |  |

Net cash from operating activities | (1,365,476 | ) | (5,414 | ) |

Cash flows from investing activities

Purchase of intangible fixed assets | (982,040 | ) | (1,419,493 | ) |

Purchase of tangible fixed assets | (3,454 | ) | (8,214 | ) |

Purchase of fixed asset investments | - |  | (85 | ) |

Interest received | 39,402 |  | 289,085 |  |

Net cash from investing activities | (946,092 | ) | (1,138,707 | ) |

Cash flows from financing activities

Loan repayments in year | (1,695,731 | ) | (1,055,895 | ) |

Amount withdrawn by directors | - |  | (356 | ) |

Share issue | 10 |  | 24 |  |

Share premium | 464,682 |  | 804,251 |  |

Preference share issue | 7,064,224 |  | - |  |

Net cash from financing activities | 5,833,185 |  | (251,976 | ) |

Increase/(decrease) in cash and cash equivalents | 3,521,617 |  | (1,396,097 | ) |

Cash and cash equivalents at beginning of year | 2 | 473,598 |  | 1,861,536 |  |

Effect of foreign exchange rate changes | (5,657 | ) | 8,159 |  |

Cash and cash equivalents at end of year | 2 | 3,989,558 |  | 473,598 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2026 |  | 2025

£ | £ |

| Profit/(loss) before taxation | 5,080,365 |  | (124,170 | ) |

| Depreciation charges | 231,847 |  | 94,426 |  |

| Loss on disposal of fixed assets | 4,425 |  | - |  |

| Gain on revaluation of fixed assets | (6,616,356 | ) | - |  |

| Associated company (gain)/loss | (231,885 | ) | 231,885 |  |

| Finance costs | 246,192 |  | - |  |

| Finance income | (39,402 | ) | (289,085 | ) |

(1,324,814 | ) | (86,944 | ) |

| Decrease/(increase) in trade and other debtors | 478,031 |  | (111,840 | ) |

| (Decrease)/increase in trade and other creditors | (348,917 | ) | 189,195 |  |

| Cash generated from operations | (1,195,700 | ) | (9,589 | ) |

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 March 2026

| 31.3.26 |  | 1.4.25

£ | £ |

| Cash and cash equivalents | 3,989,558 |  | 473,598 |  |

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 473,598 |  | 1,861,536 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

3. | ANALYSIS OF CHANGES IN NET DEBT

| Issue of |

| Preference |

| At 1.4.25 | Cash flow | Shares | At 31.3.26

£ | £ | £ | £ |

| Net cash |

| Cash at bank | 473,598 |  | 3,515,960 |  | - |  | 3,989,558 |  |

473,598 |  | 3,515,960 |  | - |  | 3,989,558 |  |

| Debt

| Debts falling due

| after 1 year | (1,695,731 | ) | 1,695,731 |  | (7,064,351 | ) | (7,064,351 | ) |

(1,695,731 | ) | 1,695,731 |  | (7,064,351 | ) | (7,064,351 | ) |

| Total | (1,222,133 | ) | 5,211,691 |  | (7,064,351 | ) | (3,074,793 | ) |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1. | STATUTORY INFORMATION

| Osmosis (Holdings) 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 General Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies 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 Group management to exercise Judgement in applying the Group's accounting policies (see note 3).

| The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

| The following principal accounting policies have been applied:

| Basis of consolidation:

| The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated In full.

| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's Identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

| During 2020 the company established an Employee Benefit Trust over which control is exercised, this is therefore also included within the consolidated results of the group.

| The company has taken advantage of the exemption contained within 408 of the Companies Act 2006 not to present its own Statement of comprehensive income.

| Associates

| When accounting for associates the group uses fair value model. This is done by adjusting fair value through the profit and loss.

| Turnover

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

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of ten years.

| Tangible fixed assets

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

|  | Computer Equipment - |  | 33% on cost |  |

| Investments in associates

| Investments in associates are recognised initially at cost and are subsequently measured at fair value at each reporting date in accordance with Section 14 of FRS 102. Changes in the fair value of investments in associates are recognised in the profit and loss in the period in which they arise.

| During the current financial year, the carrying value of the group's investment in associates was remeasured to fair value, resulting in an upward revaluation of £6,616,356. This increase has been recognised within the income statement as a fair value gain in accordance with the group's accounting policy and the requirements of FRS 102.

| Financial instruments

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

| Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

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

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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.

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| 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.

| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| Useful economic lives of intangible fixed assets

| The annual amortisation charge for the development costs is sensitive to changes in the estimated useful economic life. The useful economic life is re-assessed annually in correlation to the performance of the the group investment strategies. See Note 12 for the carrying amount of the development costs and Note 2.5 for the useful life.

| Share based payment

| Shares and the beneficial lights attached to shares are issued to certain employees and Directors. The detail of these arrangements are shown in Note 17 + 19.

| The Directors have assessed the fair value of the shares and the beneficial rights at the point they were awarded. Due to the losses incurred by the group and the prospects at that date, they believe the fair value to be in line with the face value of the shares. If this were not the case and the fair value was in excess of this, then a share based payment charge would be required to be recognised within the financial statements.

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

4. | TURNOVER

| The turnover and profit (2025 - loss) before taxation are attributable to the principal activities of the group.

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

| 2026 |  | 2025

£ | £ |

| United Kingdom | 1,308,872 |  | 864,284 |  |

| Europe | 3,165,283 |  | 3,653,672 |  |

| United States of America | 852,245 |  | 526,372 |  |

| Rest of The World | 838,543 |  | 1,359,235 |  |

6,164,943 |  | 6,403,563 |  |

| Revenue represents fee income earned in respect of funds under management. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

5. | EMPLOYEES AND DIRECTORS

| 2026 |  | 2025

£ | £ |

| Wages and salaries | 3,312,746 |  | 2,960,346 |  |

| Social security costs | 544,318 |  | 409,580 |  |

| Other pension costs | 91,913 |  | 83,565 |  |

3,948,977 |  | 3,453,491 |  |

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

| 2026 |  | 2025

| Directors | 6 |  | 6 |  |

| Distribution | 5 |  | 4 |  |

| Investment Management | 19 |  | 20 |  |

| Central Operations | 10 |  | 6 |  |

40 |  | 36 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 40 (2025 - 36 ) .

| 2026 |  | 2025

£ | £ |

| Directors' remuneration | 588,336 |  | 750,664 |  |

| Directors' pension contributions to money purchase schemes | 15,663 |  | 21,210 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

5. | EMPLOYEES AND DIRECTORS - continued

| Information regarding the highest paid director is as follows:

| 2026 |  | 2025

£ | £ |

| Emoluments etc | 356,568 |  | 320,888 |  |

| Pension contributions to money purchase schemes | 9,360 |  | 9,090 |  |

6. | OPERATING PROFIT/(LOSS)

| The operating profit (2025 - operating loss) is stated after charging:

| 2026 |  | 2025

£ | £ |

| Hire of plant and machinery | 3,344 |  | 3,886 |  |

| Depreciation - owned assets | 2,720 |  | 2,699 |  |

| Loss on disposal of fixed assets | 4,425 |  | - |  |

| Computer software amortisation | 229,127 |  | 91,727 |  |

| Auditors' remuneration | 20,250 |  | 27,500 |  |

| Foreign exchange differences | 15,012 |  | 89,459 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2026 |  | 2025

£ | £ |

| Other interest | 181,836 |  | - |  |

| Preference interest | 64,356 |  | - |  |

246,192 |  | - |  |

8. | TAXATION

| Analysis of the tax credit

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

| 2026 |  | 2025

£ | £ |

| Current tax:

| Prior year tax amends | (39,023 | ) | - |  |

| Tax on profit/(loss) | (39,023 | ) | - |  |

| Tax effects relating to effects of other comprehensive income |

| 2026 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Other comprehensive income | (5,656 | ) | - |  | (5,656 | ) |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

8. | TAXATION - continued

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Other comprehensive income | 8,159 |  | - |  | 8,159 |  |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

10. | INTANGIBLE FIXED ASSETS

| Group

| Computer

| software

£ |

| COST

| At 1 April 2025 | 2,284,106 |  |

| Additions | 982,039 |  |

| Disposals | (10,619 | ) |

| At 31 March 2026 | 3,255,526 |  |

| AMORTISATION

| At 1 April 2025 | 609,453 |  |

| Amortisation for year | 229,127 |  |

| Eliminated on disposal | (6,194 | ) |

| At 31 March 2026 | 832,386 |  |

| NET BOOK VALUE

| At 31 March 2026 | 2,423,140 |  |

| At 31 March 2025 | 1,674,653 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

11. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2025 | 131,833 |  | 106,730 |  | 238,563 |  |

| Additions | - |  | 3,454 |  | 3,454 |  |

| At 31 March 2026 | 131,833 |  | 110,184 |  | 242,017 |  |

| DEPRECIATION

| At 1 April 2025 | 131,833 |  | 99,961 |  | 231,794 |  |

| Charge for year | - |  | 2,720 |  | 2,720 |  |

| At 31 March 2026 | 131,833 |  | 102,681 |  | 234,514 |  |

| NET BOOK VALUE

| At 31 March 2026 | - |  | 7,503 |  | 7,503 |  |

| At 31 March 2025 | - |  | 6,769 |  | 6,769 |  |

| Company

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2025 | 131,833 |  | 106,730 |  | 238,563 |  |

| Additions | - |  | 3,454 |  | 3,454 |  |

| At 31 March 2026 | 131,833 |  | 110,184 |  | 242,017 |  |

| DEPRECIATION

| At 1 April 2025 | 131,833 |  | 99,961 |  | 231,794 |  |

| Charge for year | - |  | 2,720 |  | 2,720 |  |

| At 31 March 2026 | 131,833 |  | 102,681 |  | 234,514 |  |

| NET BOOK VALUE

| At 31 March 2026 | - |  | 7,503 |  | 7,503 |  |

| At 31 March 2025 | - |  | 6,769 |  | 6,769 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

12. | FIXED ASSET INVESTMENTS

| Group

| Interest

| in

| associate

£ |

| COST OR VALUATION

| At 1 April 2025 | (231,800 | ) |

| Share of profit/(loss) | 231,885 |  |

| Revaluations | 6,616,356 |  |

| At 31 March 2026 | 6,616,441 |  |

| NET BOOK VALUE

| At 31 March 2026 | 6,616,441 |  |

| At 31 March 2025 | (231,800 | ) |

| Interest in associate

| The following were associate interests of the Group:

| Name |  | Class of Shares |  | Holding |  |

| Osmosis Investment Management Netherlands |  | Ordinary |  | 25.005% |  |

| During the year, Osmosis Investment Management Netherlands Limited had a dilution of shares that meant the Company's share holding reduced to 25.005%, but still owned the same number of shares (31,919), with share capital of £84.

| Following the year end, the company has acquired additional shares that saw its shareholding raise to 26.42% (35,970 of 136,157 shares.)

| The trading address for OIM Netherlands is Coolsingel 65, Rotterdam, 3012 AC, The Netherlands

| Cost or valuation at 31 March 2026 is represented by:

| Interest

| in

| associate

£ |

| Valuation in 2025 | 6,616,356 |  |

| Cost | 85 |  |

6,616,441 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

12. | FIXED ASSET INVESTMENTS - continued

| Company

| Shares in |  | Interest |

| group |  | in |

| undertakings |  | associate |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 April 2025 | 65,336 |  | - |  | 65,336 |  |

| Revaluations | - |  | 6,616,356 |  | 6,616,356 |  |

| Reclassification/transfer | (85 | ) | 85 |  | - |  |

| At 31 March 2026 | 65,251 |  | 6,616,441 |  | 6,681,692 |  |

| NET BOOK VALUE

| At 31 March 2026 | 65,251 |  | 6,616,441 |  | 6,681,692 |  |

| At 31 March 2025 | 65,336 |  | - |  | 65,336 |  |

| Cost or valuation at 31 March 2026 is represented by:

| Shares in |  | Interest |

| group |  | in |

| undertakings |  | associate |  | Totals

£ | £ | £ |

| Valuation in 2026 | - |  | 6,616,356 |  | 6,616,356 |  |

| Cost | 65,251 |  | 85 |  | 65,336 |  |

65,251 |  | 6,616,441 |  | 6,681,692 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

12. | FIXED ASSET INVESTMENTS - continued

| The following were subsidiary undertakings of the Group:

| Name |  | Class of Shares |  | Holding |  |

| Osmosis Investment Management UK Limited |  | Ordinary |  | 100% |  |

| Osmosis Investment Research Solutions Limited |  | Ordinary |  | 100% |  |

| Osmosis Investment Management US LLC |  | Ordinary |  | 100% |  |

| Osmosis US LLC |  | Ordinary |  | 100% |  |

| Osmosis GP LLC |  | Ordinary |  | 100% |  |

| Osmosis Investments Limited |  | Ordinary |  | 100% |  |

| Osmosis Capital Limited |  | Ordinary |  | 100% |  |

| Osmosis Investment Management Australia Pty Limited |  | Ordinary |  | 100% |  |

| All of the above were incorporated in the United Kingdom with the exception of Osmosis Investment Management US LLC, Osmosis US LLC and Osmosis GP LLC which are incorporated in the USA and Osmosis Investment Management Australia Pty Limited, which is incorporated in Australia.

| The registered office of the above is 36-38 Botolph Lane, London, EC3R BDE.

| Trading Office Addresses:

| OIM US LLC - 5 Charles River Court, Wellesley, MA 02482, USA

| Osmosis US LLC - 103 Bradford Drive, Suite 200, Wexford, PA 15090, USA

| Osmosis GP LLC - 103 Bradford Drive, Suite 200, Wexford, PA 15090, USA

| OIM Australia - Suite 7, Level 2, 58 Pitt Street, Sydney, NSW 2000, Australia

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

| Group |  | Company |

2026 | 2025 | 2026 | 2025 |

£ | £ | £ | £ |

| Trade debtors | 626,511 |  | 736,525 |  | - |  | 37,393 |  |

| Amounts owed by group undertakings | - |  | 21,144 |  | 7,689,058 |  | 6,737,923 |  |

| Other debtors | 188,953 |  | 139,747 |  | 169,461 |  | 136,813 |  |

| Directors' current accounts | 33,063 |  | 356 |  | 33,063 |  | 356 |  |

| VAT | 92,529 |  | 28,025 |  | 91,065 |  | - |  |

| Prepayments and accrued income | 1,576,490 |  | 2,005,580 |  | 277,179 |  | 360,971 |  |

2,517,546 |  | 2,931,377 |  | 8,259,826 |  | 7,273,456 |  |

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

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

| Group |  | Company |

2026 | 2025 | 2026 | 2025 |

£ | £ | £ | £ |

| Trade creditors | 242,938 |  | 699,625 |  | 133,505 |  | 280,963 |  |

| Amounts owed to group undertakings | - |  | 15,837 |  | 7,117,144 |  | 6,399,795 |  |

| Tax | 4,065 |  | 4,175 |  | - |  | - |  |

| Social security and other taxes | 144,416 |  | 106,461 |  | 144,416 |  | 106,461 |  |

| VAT | - |  | - |  | - |  | 130,646 |  |

| Other creditors | 56,977 |  | 54,193 |  | 995,725 |  | 993,418 |  |

| Accruals and deferred income | 450,507 |  | 266,065 |  | 348,330 |  | 178,076 |  |

898,903 |  | 1,146,356 |  | 8,739,120 |  | 8,089,359 |  |

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

| Group |  | Company |

2026 | 2025 | 2026 | 2025 |

£ | £ | £ | £ |

| Other loans (see note 16) | 7,064,351 |  | 1,695,731 |  | 7,064,351 |  | 1,695,731 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2026 | 2025 | 2026 | 2025 |

£ | £ | £ | £ |

| Amounts falling due between two and five | years: |

| Other loans - 2-5 years | - |  | 1,695,731 |  | - |  | 1,695,731 |  |

| Preference shares | 7,064,351 |  | - |  | 7,064,351 |  | - |  |

7,064,351 |  | 1,695,731 |  | 7,064,351 |  | 1,695,731 |  |

| Details of shares shown as liabilities are as follows:

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

16. | PREFERENCE SHARES - continued

|  | 2026 |  | 2025 |  |

|  | £ |  | £ |  |

| Issued Preference Shares |  |

| 362,510 - Non voting Series 1 Preferred shares of £0.0001 |  | 36 |  |

| 905,605 - Series 1 Preferred shares of £0.0001 |  | 91 |  |

|  | 127 |  | - |  |

| 362,510 Non voting Series 1 Preferred shares were issued at £5.52 per share for cash proceeds of £2,001,055.

| 905,605 Series 1 Preferred shares were issued at £5.52 per share for cash proceeds of 4,998,940.

| Together these share issues generated cash proceeds of £6,999,995. They were classified as a financial liability and included in creditors falling due after more than 1 year.

| All Series 1 shares are entitled to a 6% cumulative coupon on the £5.52 issue price. This is settled by default in further shares at £5.52. A further coupon is due at year 5 of issue price plus accrued coupons.

| Series 1 Preferred shares have a voting right from year 4 of being held.

17. | CALLED UP SHARE CAPITAL

|  | 2026 |  | 2025 |  |

|  | £ |  | £ |  |

| Allotted, called up and fully paid |  |

| 12,945,621 (2025: 12,850,019) - A Ordinary Shares of £0.0001 |  | 1,295 |  | 1,285 |  |

| 4,891,049 - E Ordinary Shares of £0.0001 |  | 489 |  | 489 |  |

| 595,925 - Deferred shares of £0.0001 |  | 60 |  | 60 |  |

| 2,061,231 - Non voting A Ordinary shares of £0.0001 |  | 206 |  | 206 |  |

|  | 2,050 |  | 2,040 |  |

| During the year the following shares were allotted:

| 95,602 A Ordinary shares of £0.0001 each for cash proceeds totalling £464,692, generating a share premium of £464,682.

| Subject to provisions shown below, A Ordinary shares and E Ordinary shares rank parri passu with regards to dividends and voting rights.

| Subject to the provisions shown below, non voting A Ordinary shares and E Ordinary shares rank parri passu with regard to dividends. Non-voting A Ordinary shares do not carry voting rights.

| Deferred shares do no carry any voting rights or right to dividends or distributions and are subject to the provisions below:

| On a trade sale, return of assets on liquidation or capital reduction or otherwise, the assets of the company remaining after the payment of its liabilities or proceeds of an Exit shall be distributed amongst the shareholders, with a first payment to the holders of the A Ordinary Shares equal to the Hurdle Amount set out in the Articles of Association.

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

18. | RESERVES

| Group

| Fair |

| Retained |  | Share |  | Other |  | value |

| earnings |  | premium |  | reserves |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 April 2025 | (12,315,780 | ) | 14,326,739 |  | (489 | ) | - |  | 2,010,470 |  |

| Profit for the year | 5,119,388 |  | 5,119,388 |  |

| Purchase in year | - |  | 464,682 |  | - |  | - |  | 464,682 |  |

| Transfer between reserves | (6,616,356 | ) | - |  | - |  | 6,616,356 |  | - |  |

| Foreign exchange on reserves | (5,656 | ) | - |  | - |  | - |  | (5,656 | ) |

| At 31 March 2026 | (13,818,404 | ) | 14,791,421 |  | (489 | ) | 6,616,356 |  | 7,588,884 |  |

| Company

| Fair |

| Retained |  | Share |  | value |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 April 2025 | (16,430,672 | ) | 14,326,739 |  | - |  | (2,103,933 | ) |

| Profit for the year | 3,038,705 |  | 3,038,705 |  |

| Purchase in year | - |  | 464,682 |  | - |  | 464,682 |  |

| Transfer between reserves | (6,616,356 | ) | - |  | 6,616,356 |  | - |  |

| At 31 March 2026 | (20,008,323 | ) | 14,791,421 |  | 6,616,356 |  | 1,399,454 |  |

19. | ULTIMATE PARENT COMPANY

| Osmosis Holdings Limited is regarded by the directors as being the company's ultimate parent company.

OSMOSIS (HOLDINGS) LIMITED (REGISTERED NUMBER: 08422391)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

20. | RELATED PARTY DISCLOSURES

| The Group has taken advantage of the exemption within FRS 102 Section 33 "Related Party Disclosures" not to disclose transactions with wholly owned members of the Group, as those transactions are eliminated on consolidation and these consolidated financial statements are publicly available at Companies House.

| Shares held by the Employee Benefit Trust

| At 31 March 2026 the Osmosis Group Employee Share Trust held 236,789 A Ordinary shares, 4,891,049 E Ordinary shares and 109,375 Deferred shares of £0.0001 each, at a total cost of £498.10 (2025: £489.10). The increase in the year reflects shares acquired from departing employees for nominal consideration. No beneficial rights were awarded during the year.

| Enterprise Management Incentive share options

| On 8 September 2025 the Company granted options over 2,785,000 E Ordinary shares of £0.0001 each to 20 employees and directors under its Enterprise Management Incentive plan, at an exercise price of £0.03 per share. The options are exercisable over E Ordinary shares held by the Employee Benefit Trust and no new shares will be issued on exercise. None were exercised, forfeited or lapsed during the year and 2,785,000 were outstanding at 31 March 2026 (2025: nil).

| Share based payment

| The exercise price exceeds the market value agreed with HM Revenue and Customs at the date of grant, and the E Ordinary shares participate in the value of the Company only above the hurdle set out in the Articles of Association. The directors consider any share based payment charge to be immaterial and none has been recognised.

21. | ULTIMATE CONTROLLING PARTY

| Due to the vast shareholding of Osmosis Holdings Limited, their is no single ultimate controlling party.