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REGISTERED NUMBER: 09154619 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| TRACELINK EUROPE LTD. |

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

TRACELINK EUROPE LTD.

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | M E Mozzer

| N Camelio

| REGISTERED OFFICE: | 10 John Street

| London

| WC1N 2EB

| REGISTERED NUMBER: | 09154619 (England and Wales)

| AUDITORS: | Oury Clark Chartered Accountants

| Statutory Auditors

| Herschel House

| 58 Herschel Street

| Slough

| Berkshire

| SL1 1PG

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

The principal activity of Tracelink Inc. in the year under review was that of providing a broad range of solutions that enable companies and their supply network partners to master the supply chain challenges of today and the future. Tracelink Europe Ltd. continued to support Tracelink Inc. by providing support services in accordance with their intercompany agreement.

REVIEW OF BUSINESS

TraceLink Europe Ltd. ("the Company") continues to provide support services in the United Kingdom, France, Germany and Italy. Support services in Spain ceased during the year following the incorporation of a Spanish group entity. Turnover for the year ended 31 December 2025 was £10,792,436 (2024: £17,557,950). Profit before tax £577,204 (2024: £735,577). Net assets were £5,186,570 (2024: £4,584,156).

PRINCIPAL RISKS AND UNCERTAINTIES

Market and Competition risk - The Company is exposed to normal market and economic risks and manages competition by concentrating on its strengths.

Regulatory risk - The Company minimises regulatory risk by training key personnel and appointing external experts where appropriate, to assess any potential non-compliance. Accounting is an example of an externally audited area.

KEY PERFORMANCE INDICATORS

The main key performance indicator is cost, therefore turnover, which is monitored quarterly by the directors at a group level.

FUTURE DEVELOPMENTS

The directors' strategy remains to continue investment in all employee functions in order to provide a high level of customer satisfaction resulting in continued annual turnover growth.

ON BEHALF OF THE BOARD:

M E Mozzer - Director

20 August 2026

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of provision of support services to the parent company. The company incurs costs and recharges these to the parent company in accordance with the intercompany agreement.

DIVIDENDS

No dividends have been or will be declared for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

The directors' strategy remains to continue investment in all employee functions in order to provide a high level of customer satisfaction resulting in continued annual turnover growth.

DIRECTORS

The directors during the year under review were:

M E Mozzer

N Camelio

The directors holding office at 31 December 2025 did not hold any beneficial interest in the issued share capital of the company at 1 January 2025 or 31 December 2025.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 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;

- | 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 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. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

M E Mozzer - Director

20 August 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRACELINK EUROPE LTD.

Opinion

We have audited the financial statements of Tracelink Europe Ltd. (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 at least twelve months and one day 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 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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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 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 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

TRACELINK EUROPE LTD.

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 any matters in the Strategic Report and the Report of the Directors that are inconsistent with our overall view of the financial statements.

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, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRACELINK EUROPE LTD.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration.

- Enquiring of management concerning policies and procedures relating to:

1. Complying with laws and regulations and whether there were any instances of non-compliance;

2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.

- Discussing within the engagement team regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified management override as the most likely area susceptible to fraud.

- Discussing within the engagement team the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and employment law.

Audit response to the risks identified

As noted above, we identified management override as the matter that would most likely be susceptible to fraud. Our procedures to respond to this risk included the following:

- Review of nominal ledger and all journals posted in the year to ensure there was no evidence of management override.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:

- Review the disclosures in the financial statements through completion of a disclosure checklist and testing disclosures to supporting documentation to assess compliance with the Companies Act 2006;

- A safeguard review of the financial statements by a qualified accountant independent of the audit team;

- Review the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist;

- A safeguard review of the corporation tax by a Chartered Tax Advisor independent of the audit team;

- Checked a sample of compliance with right to work checks and reviewed legal fees for indications of material issues arising out of non-compliance with employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and 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.

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

TRACELINK EUROPE LTD.

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.

Rachel Lockwood (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

25 August 2026

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 3 | 10,792,436 |  | 17,557,950 |  |

Administrative expenses | 10,227,558 |  | 16,824,703 |  |

OPERATING PROFIT | 5 | 564,878 |  | 733,247 |  |

Interest receivable and similar income | 12,326 |  | 6,087 |  |

577,204 |  | 739,334 |  |

Interest payable and similar expenses | 6 | - |  | 3,757 |  |

PROFIT BEFORE TAXATION | 577,204 |  | 735,577 |  |

Tax on profit | 7 | 211,353 |  | 308,012 |  |

PROFIT FOR THE FINANCIAL YEAR | 365,851 |  | 427,565 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 365,851 |  | 427,565 |  |

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

BALANCE SHEET

31 DECEMBER 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 27,661 |  | 357,012 |  |

CURRENT ASSETS

Debtors | 9 | 4,413,954 |  | 4,169,087 |  |

Cash at bank | 2,024,196 |  | 2,222,833 |  |

6,438,150 |  | 6,391,920 |  |

CREDITORS

Amounts falling due within one year | 10 | 1,279,241 |  | 2,164,776 |  |

NET CURRENT ASSETS | 5,158,909 |  | 4,227,144 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,186,570 |  | 4,584,156 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 1,000 |  | 1,000 |  |

Other reserves | 1,651,653 |  | 1,415,090 |  |

Retained earnings | 3,533,917 |  | 3,168,066 |  |

SHAREHOLDERS' FUNDS | 5,186,570 |  | 4,584,156 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2026 and were signed on its behalf by:

M E Mozzer - Director

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 1,000 |  | 2,740,501 |  | 948,301 |  | 3,689,802 |  |

Changes in equity

Equity-settled share based payment | - |  | - |  | 466,789 |  | 466,789 |  |

Total comprehensive income | - |  | 427,565 |  | - |  | 427,565 |  |

Balance at 31 December 2024 | 1,000 |  | 3,168,066 |  | 1,415,090 |  | 4,584,156 |  |

Changes in equity

Equity-settled share based payment | - |  | - |  | 236,563 |  | 236,563 |  |

Total comprehensive income | - |  | 365,851 |  | - |  | 365,851 |  |

Balance at 31 December 2025 | 1,000 |  | 3,533,917 |  | 1,651,653 |  | 5,186,570 |  |

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 576,846 |  | 1,684,511 |  |

Interest paid | - |  | (3,757 | ) |

Tax paid | (243,246 | ) | (305,439 | ) |

Net cash from operating activities | 333,600 |  | 1,375,315 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (39,502 | ) | (341,897 | ) |

Sale of tangible fixed assets | 293,938 |  | - |  |

Interest received | 12,326 |  | 6,087 |  |

Net cash from investing activities | 266,762 |  | (335,810 | ) |

Cash flows from financing activities

(Increase)/decrease in group balances | (798,999 | ) | 969,937 |  |

Net cash from financing activities | (798,999 | ) | 969,937 |  |

(Decrease)/increase in cash and cash equivalents | (198,637 | ) | 2,009,442 |  |

Cash and cash equivalents at beginning of year | 2 | 2,222,833 |  | 213,391 |  |

Cash and cash equivalents at end of year | 2 | 2,024,196 |  | 2,222,833 |  |

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before taxation | 577,204 |  | 735,577 |  |

| Depreciation charges | 68,836 |  | 286,355 |  |

| Loss on disposal of fixed assets | 6,080 |  | - |  |

| Share option charge | 236,563 |  | 466,789 |  |

| Finance costs | - |  | 3,757 |  |

| Finance income | (12,326 | ) | (6,087 | ) |

876,357 |  | 1,486,391 |  |

| Decrease in trade and other debtors | 554,131 |  | 176,933 |  |

| (Decrease)/increase in trade and other creditors | (853,642 | ) | 21,187 |  |

| Cash generated from operations | 576,846 |  | 1,684,511 |  |

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 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 2,024,196 |  | 2,222,833 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 2,222,833 |  | 213,391 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 2,222,833 |  | (198,637 | ) | 2,024,196 |  |

2,222,833 |  | (198,637 | ) | 2,024,196 |  |

| Total | 2,222,833 |  | (198,637 | ) | 2,024,196 |  |

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Tracelink Europe Ltd. is a private company limited by shares, and is incorporated and domiciled in the UK and registered in England and Wales. The company's registered number and registered office address can be found on the Company 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.

| The financial statements have been prepared on the basis that the Company is a going concern. The directors consider this to be reasonable given the expected future performance of the business and the company has confirmed financial support and continuation of the cost plus agreement from their immediate parent company Tracelink Inc. for a period of at least twelve months and one day from the date of the audit report attached to these financial statements is approved.

| Judgements in applying accounting policies and key sources of estimation uncertainty

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Turnover

| Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Tracelink Europe Ltd provides support services in a number of European countries and turnover is a cost recharged to Tracelink Inc. in accordance with their agreement. All revenue is billed in GBP to Tracelink Inc. Turnover is wholly attributable to the principal activity of the company. Turnover is recognised when chargeable costs are incurred.

| Tangible fixed assets

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

| Improvements to property - Straight line over 5 to 10 years

| Computer equipment - Straight line over 3 years

| All items of property, plant and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of items.

| Tax on profit

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Operating leasing commitments

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

| Financial instruments

| Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

| Share-based payments

| Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.

| The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the options, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

| The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

| The share-based payment expense is recognised on the basis of a reasonable allocation of the group expense.

| Critical accounting estimates

| The process of preparing financial statements in conformity with accounting principles generally accepted in the United Kingdom ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

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

| 31.12.25 |  | 31.12.24

£ | £ |

| United States of America | 10,792,436 |  | 17,557,950 |  |

10,792,436 |  | 17,557,950 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 6,542,577 |  | 10,497,931 |  |

| Social security costs | 1,080,301 |  | 1,595,571 |  |

| Other pension costs | 165,160 |  | 203,228 |  |

7,788,038 |  | 12,296,730 |  |

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

| 31.12.25 |  | 31.12.24

| Support services | 50 |  | 80 |  |

| Administration | 5 |  | 10 |  |

55 |  | 90 |  |

| Within the wage expense is a share option charge for the year of £236,563 (2024: £466,789).

| During the year, employees working in Spain were transferred to a separate Spanish group entity. The 2025 figure includes an average of 46 Spanish employees up to the date of transfer, compared to the average of 39 employees for the full year in 2024.

| No directors have been remunerated by this company. The services of the directors to the company do not occupy a significant amount of their time. As such the directors do not consider that they have received remuneration for their incidental services to the company for either 2025 or 2024.

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.12.25 |  | 31.12.24

£ | £ |

| Other operating leases | 311,085 |  | 660,519 |  |

| Depreciation - owned assets | 68,836 |  | 286,355 |  |

| Loss on disposal of fixed assets | 6,080 |  | - |  |

| Auditors' remuneration | 36,000 |  | 28,000 |  |

| Foreign exchange differences | (78,644 | ) | 83,013 |  |

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Interest payable | - |  | 3,757 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 211,353 |  | 302,498 |  |

| Deferred tax | - |  | 5,514 |  |

| Tax on profit | 211,353 |  | 308,012 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 577,204 |  | 735,577 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 144,301 |  | 183,894 |  |

| Effects of:

| Expenses not deductible for tax purposes | 57,500 |  | 117,870 |  |

| Depreciation in excess of capital allowances | 9,552 |  | 734 |  |

| Deferred tax adjustment | - |  | 5,514 |  |

| Total tax charge | 211,353 |  | 308,012 |  |

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | TANGIBLE FIXED ASSETS

| Improvements |

| to |  | Computer |

| property |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 155,256 |  | 455,814 |  | 611,070 |  |

| Additions | - |  | 39,502 |  | 39,502 |  |

| Disposals | (155,256 | ) | (435,455 | ) | (590,711 | ) |

| At 31 December 2025 | - |  | 59,861 |  | 59,861 |  |

| DEPRECIATION

| At 1 January 2025 | 21,785 |  | 232,273 |  | 254,058 |  |

| Charge for year | 13,505 |  | 55,331 |  | 68,836 |  |

| Eliminated on disposal | (35,290 | ) | (255,404 | ) | (290,694 | ) |

| At 31 December 2025 | - |  | 32,200 |  | 32,200 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  | 27,661 |  | 27,661 |  |

| At 31 December 2024 | 133,471 |  | 223,541 |  | 357,012 |  |

9. | DEBTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year:

| Amounts owed by group undertakings | 4,307,256 |  | 3,508,258 |  |

| Other debtors | 30,000 |  | 270,394 |  |

| VAT | 5,103 |  | 21,869 |  |

| Deferred tax asset | 6,977 |  | 6,977 |  |

| Prepayments and accrued income | 29,254 |  | 244,514 |  |

4,378,590 |  | 4,052,012 |  |

| Amounts falling due after more than one year:

| Other debtors | 35,364 |  | 117,075 |  |

| Aggregate amounts | 4,413,954 |  | 4,169,087 |  |

| Deferred tax asset

| 31.12.25 |  | 31.12.24

£ | £ |

| Accelerated capital allowances | - |  | 1,047 |  |

| Deferred tax | 6,977 |  | 5,930 |  |

6,977 |  | 6,977 |  |

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

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 103,417 |  | 52,064 |  |

| Corporation tax | 126,286 |  | 158,179 |  |

| Other taxation and social security | 464,988 |  | 454,227 |  |

| Accruals and deferred income | 584,550 |  | 1,500,306 |  |

1,279,241 |  | 2,164,776 |  |

11. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | - |  | 571,113 |  |

| Between one and five years | - |  | 1,018,725 |  |

- |  | 1,589,838 |  |

| The prior year balances include a lease for office space in Spain. During the year, this lease was transferred to the group entity in Spain and the UK company has no further obligations in respect of the lease.

12. | SECURITY

| The company's assets are subject to a charge in favour of the company's bankers relating to the credit card facilities provided.

13. | DEFERRED TAX

£ |

| Balance at 1 January 2025 | (6,977 | ) |

| Balance at 31 December 2025 | (6,977 | ) |

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

15. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

16. | ULTIMATE PARENT COMPANY

| TraceLink Inc. (incorporated in the USA) is regarded by the directors as being the company's immediate and ultimate parent company.

| Tracelink Inc. is the smallest and largest group to consolidate the results and financial position of the company. Copies of the parent consolidated financial statements can be obtained from:

| 200 Ballardvale St., Building 1, Suite 100, Wilmington, MA 01887.

| It is the opinion of the directors that there is no ultimate controlling party.

17. | SHARE-BASED PAYMENT TRANSACTIONS

| The ultimate parent company, TraceLink Inc., operates an equity-settled share option scheme under which share options are granted to employees of the group, including employees of the company.

| The options granted vest over a four-year period, with 25% of the options vesting on the first anniversary of the vesting start date and the remaining 75% vesting in equal monthly instalments of 2.0833% over the following three years. The options expire 10 years after the date of grant or earlier in the event of termination of employment.

| The fair value of the equity instruments granted is measured at the grant date using the Black-Scholes option pricing model. The key assumptions used in the valuation include expected volatility, risk-free interest rate, expected dividend yield, and the expected life of the options.

| A summary of movements in share options during the year is set out below:

|  | Number of share options |  | Weighted average exercise priceUSD$ |  |

| Outstanding at 1 January 2025 |  | 166,312 |  | $11.95 |  |

| Granted during the year |  | 20,900 |  | $16.68 |  |

| Forfeited during the year |  | (16,564 | ) | $15.34 |  |

| Exercised during the year |  | (2,125 | ) | $4.45 |  |

| Outstanding at 31 December 2025 |  | 168,523 |  | $12.30 |  |

| Exercisable at 31 December 2025 |  | 131,208 |  | $11.23 |  |

| The total expense recognised in profit or loss for the period in respect of share-based payments was £236,563 (2024: £466,789).

| The share-based payment expense is recognised on the basis of a reasonable allocation of the group expense.