The directors present the strategic report for the year ended 31 December 2025.

Cogora is one of the UK’s leading data-led engagement and marketing services groups for clients seeking to access the healthcare professional (HCP) community, with a first party data set of HCPs spanning primary and secondary care in domestic and international markets. Cogora’s full-service provision includes three core divisions of media, events and marketing services across UK, Europe and US markets.

During the year, Cogora saw strong revenue growth in its core UK primary care markets with both the Media (+19%) and Events (+23%) divisions performing well.

Headcount was reduced in other non-core areas, contributing to an overall reduction in cost of sales of £0.3m which, combined with the growth in revenues, resulted in an increase to both gross profits and the gross profit margin.

The key business risk and uncertainty affecting the company is the ability to recruit, train and retain high quality employees to exploit the opportunities presented. The Company therefore continues to focus on staff retention initiatives including flexible working and competitive benefits.

The business must also keep up with technological advances in order to maintain and grow its market share within the advertising landscape. During the year the Company implemented further upgrades to its technology stack and data warehouses to ensure it can continue to meet its clients demands.

The net loss for the Group of £800,871 in 2024 increased to a profit of £2,202,407 in 2025, and Gross profit grew from £4.1 million to £5.0 million, with gross profit as a percentage of net revenues increasing from 64% to 71%.

A debt-to-equity swap during the year resulted in a credit to the profit and loss account of £1.9m.

The Directors are confident that their strategy of focusing on the Group’s most profitable activities, while driving revenue growth in key areas, will continue to deliver strong results for the coming year and beyond.

On behalf of the board

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £1,686,451 (2024 - loss of £464,160).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Cogora Group Limited (“the company”) is a private company, limited by shares, domiciled and incorporated in England and Wales. The registered office is 1 Giltspur Street, London, EC1A 9DD.

The group consists of Cogora Group Limited and all of its subsidiaries.

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 requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements applicable to small companies have been applied other than where the directors have opted to include additional disclosure.

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 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 £.

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

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form 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 Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 January 2015.

As a Consolidated Statement of Comprehensive Income is published, a separate Statement of Comprehensive Income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

These accounts have been prepared on the going concern basis following the directors' review of future forecasts and the continued financial support of the shareholders. Following a strategic re-structure in 2024 the directors are confident of an improved performance over the coming years.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. The following criteria must also be met before revenue is recognised:

Rendering of services

The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year in the normal course of business, net of trade discounts, VAT and other sales related transactions.

Revenues are recognised for the various categories of turnover as follows:

• Subscriptions - on a straight line basis over the period of the subscribed product;

• Advertising - on publication, on completion of printing or over the period of online display;

• Conferences and exhibitions - when the event has taken place; and

• Agency - by the amount of work that has been completed for each project within the current financial year.

In a research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the sate of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over a period between 10 to 15 years, depending on its useful economic life.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Amortisation of intangible assets is included within administrative expenses in the Profit and Loss Account.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investments in subsidiaries are measured at cost less accumulated impairment.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Rentals paid under operating leases are changed to the Consolidated statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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

Loan notes

Loan notes have been recognised at cost. Interest is recognised using the effective interest method. Any premium payable on redemption of the loan notes is recognised on a straight line basis over the expected life of the notes.

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

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considered factors, the ageing profile of debtors and historical experience.

Assumptions have been made around the useful life of tangible fixed assets and have been made in accordance with the usual replacement period for fixed assets.

Assumptions have been made around the useful life of intangible fixed assets and have been based on the knowledge of the industry and ongoing contracts.

The Company makes estimates of the stage of completion of ongoing projects. Management review the controls and procedures used to ensure they are as accurate as possible.

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

The staff costs within the financial statements include amounts recharged by other group companies as well as deductions for amounts recharged to other group companies. The staff costs shown are after deducting capitalised wages of £125,021.

There were no retirement benefits accruing to directors under defined contribution pension schemes and there were none in the prior year.

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

Pension contributions totalling £18,571 (2024: £19,035) were payable to the fund at the reporting date and are included in creditors.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At 31 December 2025, the company had issued the following share options:

EMI scheme

506,820 EMI scheme share options were outstanding as at 31 December 2025. These options are exercisable at £0.20 to £0.57 per share.

As per the scheme rules, these options may only be exercised immediately prior to an Exit event subject to the terms set out in the agreement and continuing employment.

Unapproved scheme

48,815 unapproved scheme share options were outstanding at 31 December 2024. During 2025, no new shares under the scheme were granted or cancelled.

The total number of unapproved scheme options outstanding as at 31 December 2025 was 48,815.

These shares are exercisable at £0.20 per share. As per the scheme rules, these options may only be exercised immediately prior to an Exit event subject to the terms set out in the agreement and continuing employment.

Valuation of Share Options

The company has estimated the deemed cost of the share options using the Black-Scholes option pricing model. However, the impact of this valuation is not considered material to the financial statements for the year ended 31 December 2025, and no cost has been recognised.

Ordinary A shares rank as a priority over all other types of shares, these shareholders are entitled to a participating dividend equal to 11.38% of net profits.

Ordinary, Ordinary B and Ordinary D shares all rank equally as second to Ordinary A shares, these shares are entitled to an ordinary dividend of 5% of net profits.

Ordinary A, B and D shares carry full voting rights.

119,650 D Ordinary shares are held by the company's subsidiaries.

The share premium account represents the excess of consideration received for shares issued above the nominal value of those shares, net of issue costs directly attributable to the issue of new shares.

The reserve is non-distributable except in limited circumstances permitted by the Companies Act 2006.

This reserve records the nominal value of the shares repurchased by the company.

This reserve records the company's interest in its own shares.

This reserve records retained earnings and accumulated losses.

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

Included within other debtors due within one year is a loan to J Pettifor, a director, amounting to £Nil (2024: £74,475). Amounts repaid during the year totalled £74,475 (2024: £Nil). Interest was previously payable on the unpaid principal at a rate of 5% per annum.

Also included within other debtors due within one year is a loan to D Burns, a director, amounting to £Nil (2024: £1,360). The loan was non-interest bearing and was fully repaid during the year.

The entity has taken exemption from disclosure of intra-group transactions with wholly owned members of the group.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 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.

There is no ultimate controlling party.