The directors present the strategic report for Tangle Teezer Limited on a standalone basis for the year ended 31 December 2025.

Full year Tangle Teezer Limited's turnover for the year to 31 December 2025 was £47,940,000 (2024: £43,215,000), growing 11% from the year to 31 December 2024. Tangle Teezer’s most mature UK market grew by 14% with double digit growth in both key retailers and online via Amazon. Europe sales grew by 37%, predominantly driven by Amazon. Sales to Rest of World (ROW) declined by 19%, driven by a significant reduction in sales to the US subsidiary as more product is sourced locally, including via BIC, a key synergy of the acquisition. Tangle Teezer continues to be a global market leader, with established distribution in over 75 countries.

2025 saw 16% growth in core detangling categories driven by the success of new premium effects (chrome, matte & prints) as well as ‘The Mini Ultimate Detangler’ which is driving incremental space gains in impulse locations. Product sales of our established core products continue to be supported by new size variants, new designs and innovation for different hair types. ‘The Ultimate Detangler’ product family continues to drive growth with new distribution gains and supplemented by large and small versions, and variants for fine and fragile and naturally curly hair.

Tangle Teezer products continue to win numerous awards around the world from various influential press publications within the beauty industry. In 2025 we won 16 awards, including 4 for Extra Gentle, demonstrating our commitment to innovation for all hair concerns. Highlights included the Allure Best of Beauty Award and the Cosmopolitan Best Hairbrush award. Plant Brush also continued it’s award winning streak, earning Best Sustainable Hair Innovation from Marie Clare and Best New Beauty Tool from CEW.

Gross profit margins increased to 59% (2024: 50%). Despite inflationary pressures, margins were improved due to price rises, economies of scale and improved operational efficiency.

Profit before taxation (PBT) increased by 53% to £10,810,000 (2024: £7,073,000) with PBT margin increasing to 23% (2024: 16%). This was driven by sales growth and margin improvements.

There were a number of staff additions during the year with average UK staff numbers increasing to 75 (2024: 72). We also continued to add resource in the US to support business growth.

Net current assets increased to £37,705,000 (2024: £30,111,000). Trade and other receivables decreased by 12% driven by a reduction in intercompany debtors with the US subsidiary. Inventories were broadly flat, with sales growth offset by optimised stock holdings. Trade Creditors increased by 29% in the UK due to improving credit terms and higher costs of sales.

Overall, 2025 was a strong year for the Tangle Teezer group (consisting of Dragon Midco Ltd, Dragon Bidco Ltd, Tangle Teezer Ltd, Tangle Teezer Inc), with consolidated sales growth of 14% to £75,667,000 (2024: £66,441,000). Group Operating EBITDA (defined as EBITDA less non-recurring revenue/expenditure) grew by 19% to £17,041,000 (2024: £14,343,000). Direct markets grew strongly, fuelled by US distribution gains, alongside substantial growth in Europe. The business continued to make significant investments in marketing and brand awareness, and increased investment in research and development to support new product innovation. Further investments were made in infrastructure and personnel, as well as adding further global production capability and additional capacity to support continued growth.

The business is a market leader in detangling hairbrushes and has leveraged its strong brand equity to expand into other core haircare categories, such as Blow-drying and Styling, catering for different global hair types and delivering exciting designs. A new Matte effect detangling brush launched in 2025, including a highly successful collaboration with SKIMS. The business has successfully launched into adjacent categories with the launch of detangling sprays, accessories, scalp care products and combs, as well as the successful Pet Teezer brand. In 2025 a Cat deshedding brush was added to the Pet Teezer range. Tangle Teezer has grown to become a truly global brand that enjoys substantial and increasing brand awareness, and strong customer loyalty; it has continual innovation at its heart, with products designed differently to perform brilliantly. The goal is to continue to grow into a leading haircare brand and to be the world’s most popular hairbrush.

Tangle Teezer will continue its innovative approach to product development, and plans are in place for numerous significant product launches during the next 18 months, meeting evolving customer demands and expanding into adjacent categories. This includes further developing the portfolio of products for different hair types, new designs and collaborations and continued expansion into adjacent product categories. Tangle Teezer will continue to build on its strong brand position, and seek to grow the market with new products, gain further market share and expand geographically.

At Tangle Teezer we care about hair, but we also care about our customers and how we treat the planet. We want to make innovative haircare in the most sustainable way we can, so we can all live life, untangled. We have made positive strides towards sustainability, and we want to continue to reduce our carbon footprint and the amount of waste we produce, so we can keep making waves, not tangles – for our planet and for the future.

In 2025 we continue to focus on sustainability, and have removed all plastic packaging from production, replaced with fully recyclable, FSC and CPI certified, cardboard.

We also support important social causes. In 2025, we continued our partnership with The King’s Trust and their Change A Girls Life campaign, built on a shared value that young women should have the tools to live their life with confidence, allowing them to flourish. Our commitment to The King’s Trust includes an annual donation of £25,000 as well as donations from UK sales. We also continued our partnership with the American Cancer Society to support those affected by cancer, because healing hair brings confidence, strength and self-expression. Additionally, we continue to work with local charities, e.g. Bermondsey Food Bank and Great Ormond Street.

It is the responsibility of the directors to understand and ensure systems are in place to control risks and uncertainties that the company faces. The principal risks the business faces are:

Credit Risk

Over the recent years the company's exposure to bad debt has been minimal. The company continues to control this through rigorous company credit checks prior to offering credit terms, and with bank guarantees where deemed necessary.

Liquidity and Cashflow Risks

Liquidity and cashflow risk remains low. Sales revenue has remained strong and consistent in recent years due to a balanced sales portfolio, generating strong margins. Operating expenses contain a large discretionary element used to support the brand, which can be flexed should external factors materially impact demand. Additionally, as part of the BIC group we have the full support of Société BIC for all liquidity requirements, including access to a global cash pooling arrangement. Société BIC undertakes without restriction to ensure that its subsidiaries are managed and financially endowed in such a way that they are at all times in a position to meet all their payment obligations to creditors.

Foreign Exchange Risk

Exposure to foreign exchange risks remain minimal over the years due to Tangle Teezer Limited predominately invoicing in GBP. As the group has expanded internationally there are now a few customer accounts in foreign currencies. These customer accounts represent a very small proportion of our overall business. Otherwise, exposure to foreign exchange risk is limited to costs incurred in US dollar, Euro and Chinese yuan. The group holds bank accounts in all four currencies and the current and future strategy will continue to focus on creating a natural hedge position to mitigate any foreign exchange exposure.

Commercial Risks and Developments

As with any successful brand, imitation and counterfeit products have been launched by competitors in several markets. The company has a full time, in-house, Brand Protection Manager who works closely with customs officials, both home and abroad, and a 'zero tolerance' approach is taken with anyone found manufacturing or distributing non-genuine product.

The business has continued to perform well during 2025, remains a going concern with a healthy Balance Sheet and a strong outlook.

Continuous revenue growth is planned through deeper market penetration and new product innovation and diversification. In line with this, costs such as marketing, research & development and staff costs will increase due to the additional resources required to assist in taking the company forward.

Our financial KPl's for the next 12 months will focus on:

• sales growth of at least 10% (2025: 11%);

• a gross profit margin of at least 47% (2025: 59%); and

• a profit before tax of at least 15% (2025: 23%).

Sales, gross profit margin, and profit before tax are essential financial KPIs as they provide a comprehensive view of a company’s performance. Sales reflect market demand and cash flow, gross profit margin indicates operational efficiency and pricing strategy, and profit before tax highlights overall profitability and strategic viability. Together, these metrics guide businesses in maintaining competitiveness, ensuring sustainable growth, and building confidence among stakeholders.

The directors are required to explain how they consider the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 (‘S172’) when performing they duty to promote the success of the company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company and the group.

S172 statement explains who the company’s stakeholder groups are, their material issues and how the directors of Tangle Teezer Limited (“Tangle Teezer”) engages with them, and the effect of that regards, including on the principal decisions taken by the company during the financial year. The S172 statement focuses on matters of strategic importance and the level of information disclosed is consistent with the size and the complexity of the business.

When making decisions, the directors ensure that they consider, in good faith, would most likely promote the company’s success for the benefit of its members as a whole, and in doing so have regard (among other matters) to:

S172(1) (A) The likely consequences of any decision in the long term:

The directors understand Tangle Teezer’s business and the evolving environment in which it operates. Tangle Teezer’s 5 Year strategic framework ensures that all board decisions are consistent with our company vision. This strategic framework acts as a guide to ensure decision making supports the long term sustainable development of the brand, commercially and operationally with continued product innovation at its core.

The board continues to take account of the challenging global environment in its decision making, whether that be the impact of tariffs, oil prices, inflation or other potential macroeconomic risks. Decisions have been made to continue the international development of the brand to mitigate these risks, supported by additional localised manufacturing and supply chain developments. The board continues to monitor global developments and makes decisions to optimise our manufacturing strategy in response.

172(1) (B) The interests of Tangle Teezer’s employees:

Tangle Teezer is a certified Great Place to Work®. Our employees are central to the delivery of the company strategy and ambitions and regular engagement is vital for continuous improvement. The process and results demonstrate our commitment to people, with due consideration to employees part of every decision made by the board. This has included a new US office in 2025, to support growth and evolving employee needs.

Significant efforts are made to ensure that Tangle Teezer remains a responsible employer from pay and benefits to health, safety and workplace environment. The company continues to benchmark employee pay and conditions to ensure fairness for employees, invests in employee welfare and development and is constantly developing our people strategy and resources. The board and management team communicate regularly with the organisation to ensure alignment of objectives and drive engagement.

S172(1) (C) The need to foster Tangle Teezer’s business relationships with suppliers, customers and others:

Strong and mutually beneficial relationships with suppliers, customers and other partners are fundamental pillars for Tangle Teezer’s operational success.

Customers

• The board is committed to understanding our customers’ needs, continuing to engage through many different social and customer service platforms, using feedback to support future developments and decision making. This has helped us to establish a focused product portfolio addressing different hair types and different needs.

• The company works with distributors in certain markets to deliver the Tangle Teezer brand to the global audience. It is vital that these relationships are mutually beneficial and that key long term strategic partnerships are formed to support the future development of the brand and market growth.

Partners and suppliers:

• Tendering to ensure equal opportunities for suppliers and best commercial outcome for the business.

• Ensuring that new partners and suppliers match our values and we strive to establish long term sustainable relationships.

• We have continued to leverage the Greenstone supplier onboarding portal during 2025. This brings even greater consistency to supplier selection and the gathering key ESG information.

• The business has made decisions to diversify its manufacturing, adding new suppliers and capacity to support growth, while maintaining strong partnerships with existing suppliers.

• The Société BIC acquisition allows the business to continue to support future growth through added supply chain capability and scale. The Board have considered the potential impact on existing partners and suppliers and have and will continue to act in a fair and transparent way with any partner impacted.

S172(1) (D) The impact of Tangle Teezer’s operations on the community and the environment:

Tangle Teezer engages in regular consultations with external consultants to gain valuable perspectives on the ways in which group’s activities could impact the local community or environment.

At Tangle Teezer, we’ve always been a brand that cares, and that is reflected in the decisions we make. We care about our customers, we care about hair and we care how we treat the planet we all live on. Dedicated updates on business are reviewed at regular board meetings, and the board reviews progress against any action it considers is required. There are further examples of our dedicated approach to ESG in the ESG section of the strategic report and the board ensures that all decisions made consider the impact on our community and environment.

Société BIC share Tangle Teezer’s vision for ensuring a positive impact on local community and the environment. Tangle Teezer will continue to be the brand that cares, while leveraging BIC’s global reach to further enhance this position. climate, environmental, social and governance related matters, covering all aspects of the group’s

S172(1) (E) The desirability of Tangle Teezer maintaining a reputation for high standards of business conduct:

The desirability of Tangle Teezer to maintain its reputation for high standards of business conduct, translates to board of directors’ intention to behave responsibly and ensure that the business operates in a responsible manner within the high standards of business conduct and good governance.

Regular communication amongst the board and employees and effective, formally recorded board meetings ensure such standards are maintained. Where appropriate, independent legal advice is obtained to support the decision-making process.

Tangle Teezer has an established dedicated compliance team that ensures the highest standards of conduct and compliance across all parts of the organisation, with regular board interaction ensuring this is fundamental to decision making.

S172(1) (F) The need to act fairly as between members of the company:

The directors are responsible for choosing the course of actions which enable Tangle Teezer to achieve its long-term strategy, taking into consideration the impact on stakeholders. In doing so, the directors act fairly as between the company’s and the group’s members but are not required to balance the business interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.

Principal decisions

There were no principal decisions to disclose.

The directors present their annual report and the audited financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of design and distribution of Tangle Teezer specialist hairbrushes and associated products.

Business review, future developments and risks

Included in the strategic report on pages 1 - 6 are business review, future developments and risks.

The results for the year are set out on page 14.

No dividends were paid (2024: £nil). The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the date of approval of these financial statements.

Ernst & Young LLP were appointed as auditor to the company and shall be deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of stakeholder engagement is included in the strategic report on pages 1 - 6.

The company's UK energy consumption for the year ended 31 December 2025 was as follows:

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

The report relates to the UK and global direct energy use, business travel and specified emissions for Tangle Teezer Ltd. It excludes indirect (Scope 3) emissions attributed to: purchased goods & services, homeworking / commute, contracted logistics, distribution or manufacturing related activities.

Associated Greenhouse gases have been calculated in conjunction with a 3rd party consultant and include all Scope 1, Scope 2 and Scope 3 emissions generated through the business operations. These are then applied to appropriate intensity metrics for the business, number of employees, units shipped and turnover.

The business continues to take its energy consumption and emissions seriously, with our environmental footprint factored into all key decision making. Scope 1 and Scope 2 emissions all reduced year on year, driven by the closure of our owned distribution centre and move to a newer, more energy efficient office. The increases in Scope 3 and intensity ratios reflect Tangle Teezer’s evolution as a global business with significant increases in sales and employee numbers in the US necessitating more business travel between London and New York.

The directors are responsible for preparing the annual 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 prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, a director 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 and then apply them consistently;

• state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

• make judgements and accounting estimates that are reasonable and prudent; 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 are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

In the case of each director in office at the date the director’s report is approved:

• so far as the directors are aware, there is no relevant audit information of which the company’s auditors are unaware; and

• they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

The directors present the business as a going concern. The business remains in a strong position, with continued growth in sales, strong maintainable cash generation and no listed bank debt.

In recent years the business has continued to perform strongly despite the impact of tariffs and higher levels of inflation. Despite this macroeconomic uncertainty the Tangle Teezer business has continued to see sales grow strongly in key markets, with sustainable improvements to margins and profitability, demonstrating the resilience of the business.

The business has further established localised manufacturing and a supply chain in the Americas and Asia, alongside established manufacturing in the UK. This localised approach is leading to reduced logistics costs, shorter lead times and a reduced carbon footprint, while providing extra capacity to support continued growth and insulating the business against any future global challenges.

At 31 December 2025 Tangle Teezer Ltd had net assets of £43,295,000 (2024: £35,288,000). The business remains well insulated against potential global macroeconomic risks due to its balanced mix of channels and geographies, strong operating margins, flexible cost base and strong balance sheet, and the outlook for 2026 and beyond remains positive. The directors have reviewed the cashflows and performed sensitivities, including a plausible downside, and believe it is appropriate for the financial statements to be prepared on a going concern basis. Additionally, as part of the BIC group we have the full support of Société BIC for all liquidity requirements, including access to a global cash pooling arrangement. Société BIC undertakes without restriction to ensure that its Subsidiaries are managed and financially endowed in such a way that they are at all times in a position to meet all their payment obligations to creditors.

Additionally, the Directors have received a letter of support from the ultimate parent company, Société BIC, for all liquidity requirements, including access to a global cash pooling arrangement. Société BIC undertakes without restriction to ensure that its Subsidiaries are managed and financially endowed in such a way that they are at all times in a position to meet all their payment obligations to creditors. This support is granted for a period of 12 months from the date of signing of these financial statements. In assessing the ability of the Directors to rely on this support, they have considered the group’s future cash flows and level of committed facilities available, at the group level, to support liquidity.

We have audited the financial statements of Tangle Teezer Limited for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related Notes 1 to 24, 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 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of 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. 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.

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.

Opinions on other matters prescribed by the Companies Act 2006true

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 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 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.

As explained more fully in the directors’ responsibilities statement set out on page 9, 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.

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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 United Kingdom Generally Accepted Accounting Practice, UK tax legislation and Companies Act 2006. In addition, the company must comply with laws and regulations relating to health and safety, data protection and anti-bribery and corruption.

• We understood how Tangle Teezer Limited is complying with those frameworks by making inquiries of management and those responsible for legal and compliance procedures. We corroborated our inquiries through inspection of board minutes and correspondence with regulatory authorities, and consideration of the results of our audit procedures.

• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by making inquiries of management and various other individuals within the financial reporting function. We corroborated these inquiries by inspecting board minutes. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.

• Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved making inquiries of management as well as journal entry testing, with a focus on manual journals and journals indicating significant or unusual transactions based on our understanding of the business. Through our testing we challenged the assumptions and judgements made by management and significant accounting estimates. We also leveraged our data analytics platform when performing our work on the order to cash process to assist in identifying higher risk transactions for testing.

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 auditor’s 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 auditor’s 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.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 17 to 31 form part of these financial statements.

The notes on pages 17 to 31 form part of these financial statements.

The notes on pages 17 to 31 form part of these financial statements.

Tangle Teezer Limited is a private company limited by shares and is incorporated and domiciled in England and Wales. The registered office is Union House, 182-194 Union Street, London, United Kingdom, SE1 0LH.

The principal activity of the company continued to be that of design and distribution of Tangle Teezer specialist hairbrushes and associated products. The majority of products are manufactured in the UK.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements have been prepared under the historical cost convention. The principal accounting policies applied are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under FRS 102 not to disclose the requirements of OECD Pillar Two model rules 29.28 and 29.29 as equivalent disclosures are included in the consolidated financial statements of the group in which the entity is consolidated.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.

Tangle Teezer Limited's ultimate parent company is Société Bic S.A., the company registered and incorporated in France, which prepares consolidated financial statements. The results of Tangle Teezer Limited are included in the consolidated financial statements of Société Bic S.A which are available from 12 Boulevard Victor Hugo, Clichy, France, 92611.

The directors present the business as a going concern. The business remains in a strong position, with continued growth in sales, strong maintainable cash generation and no listed bank debt. true

In recent years the business has continued to perform strongly despite the impact of tariffs and higher levels of inflation. Despite this macroeconomic uncertainty the Tangle Teezer business has continued to see sales grow strongly in key markets, with sustainable improvements to margins and profitability, demonstrating the resilience of the business.

The business has further established localised manufacturing and a supply chain in the Americas and Asia, alongside established manufacturing in the UK. This localised approach is leading to reduced logistics costs, shorter lead times and a reduced carbon footprint, while providing extra capacity to support continued growth and insulating the business against any future global challenges.

At 31 December 2025 Tangle Teezer Ltd had net assets of £43,295,000 (2024: £35,288,000). The business remains well insulated against potential global macroeconomic risks due to its balanced mix of channels and geographies, strong operating margins, flexible cost base and strong balance sheet, and the outlook for 2026 and beyond remains positive. The directors have reviewed the cashflows and performed sensitivities, including a plausible downside, and believe it is appropriate for the financial statements to be prepared on a going concern basis. Additionally, as part of the BIC group we have the full support of Société BIC for all liquidity requirements, including access to a global cash pooling arrangement. Société BIC undertakes without restriction to ensure that its Subsidiaries are managed and financially endowed in such a way that they are at all times in a position to meet all their payment obligations to creditors.

Additionally, the Directors have received a letter of support from the ultimate parent company, Société BIC, for all liquidity requirements, including access to a global cash pooling arrangement. Société BIC undertakes without restriction to ensure that its Subsidiaries are managed and financially endowed in such a way that they are at all times in a position to meet all their payment obligations to creditors. This support is granted for a period of 12 months from the date of signing of these financial statements. In assessing the ability of the Directors to rely on this support, they have considered the group’s future cash flows and level of committed facilities available, at the group level, to support liquidity.

The company manufactures and sells specialist hair brushes and their associated products. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and it 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Accrued income

Accrued income is recognised on the balance sheet reflecting amounts due to be received in respect of the current financial period.

Expenditure on pure and applied research is charged to the statement of comprehensive income in the year in which it is incurred.

Development costs are charged to the statement of comprehensive income in the year of expenditure, unless individual projects satisfy all of the following criteria:

• the project is clearly defined and related expenditure is separately identifiable;

• the project is technically feasible and commercially viable;

• current and future costs are expected to be exceeded by future sales; and

• adequate resources exist for the project to be completed.

In such circumstances the costs are carried forward and amortised over a period not exceeding ten years, commencing in the year the company starts to benefit from the expenditure.

Patents and licences are stated at cost less amortisation. Amortisation is provided at 10% per annum in order to write off each asset over its estimated useful life.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:

Development expenditure is amortised over the NPD ( new product development) life of the project.

Patents are amortised over their useful life.

Intellectual property is not amortised in the year of acquisition.

Consideration of obsolescence, future changes in technology, competition, and other economic factors have been used in determining the estimated useful life of the software development capitalised costs.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of non-current assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Assets under construction are stated at cost. These assets are not depreciated until they are available for use.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Investments in subsidiaries are measured at cost less accumulated impairment.

At each reporting date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if the reasons for the impairment loss have ceased to apply.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, including trade and other debtors, amounts owed by group undertakings and cash and bank balances, are recognised at transaction price.

The company makes an estimate of the recoverable value of its trade and other debtors. Where necessary an impairment provision is made.

Basic financial liabilities, including trade and other creditors, loans and borrowings, and amounts owed by group undertakings are recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash ­generating unit, the viability and expected future performance of that unit.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are considered. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision is made for asset retirement obligations and dilapidations. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. In addition, the timing of the cash flows and the discount rate used to establish net present value of the obligations require management's judgement.

When calculating the stocks provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. If stocks are deemed to be impaired and not in saleable condition, or the product is obsolete, the carrying value is reduced to zero. If the product line is deemed categorised as discontinued, a provision is taken for all stocks above 6 months of sales, based on current sell through rates. Refer to note 14 for the net carrying amount of the inventory.

The average monthly number of persons (including the director) employed by the company during the year was:

Their aggregate remuneration comprised:

Factors affecting income tax for the year

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the UK rate of tax as follows:

The details of Pillar Two model rules which apply to this company are included within the consolidated financial statements of Société Bic S.A..

Details of the company's subsidiaries at 31 December 2025 are as follows:

During the year £16,186,000 of stocks (2024: £17,811,000) was recognised as an expense and included within cost of sales in the statement of comprehensive income.

During the year £225,000 of stocks was written off (2024: £168,000).

Included within amounts owed by group undertakings is £5,617,000 (2024: £5,344,000) loan receivable from the immediate parent company, Dragon BidCo Limited. The loan bears an annual interest at 5%, is unsecured and repayable on demand.

The remaining amounts owed by group undertakings are interest free, unsecured and repayable on demand.

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

As part of the company's property leasing arrangements there is an obligation to repair damages which incur during the life of the lease, such as wear and tear. The cost is charged to profit and loss as the obligation arises. The provision is expected to be utilised within the next year.

The following are the major deferred tax assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Ordinary shares rank pari passu and have full voting rights. There are no restrictions on the distribution of dividends and the repayment of capital. These shares are non-redeemable.

"A" ordinary shares have no voting and dividends rights and have rights to participate in capital distributions arising only in certain circumstances and above certain levels of value. These shares are non-redeemable.

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company has taken advantage of the exemption under section 33.1A of FRS102 from disclosing transactions or balances with entities which form part of the group.

The company's immediate parent company is Dragon BidCo Limited, the company registered and incorporated in England and Wales. Dragon BidCo Limited owns 100% of the company's share capital and is itself a wholly owned subsidiary of Dragon MidCo Limited, the company registered and incorporated in England and Wales.

The company's ultimate parent company is Société Bic S.A., the company registered and incorporated in France. It is the smallest and largest group for which the consolidated financial statements are prepared. The financial statements of Société Bic S.A. can be obtained from 12 Boulevard Victor Hugo, Clichy, France, 92611.

There were no significant events after the reporting date.