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

Principal activity and business review

The Company is an independent provider of maintenance, repair, modernisation and installation services for lifts, escalators and associated equipment throughout the United Kingdom, operating principally in London and the South East, with established operations in the North West and a developing presence in the South West. The Company is a wholly owned subsidiary of WeMaintain SAS, incorporated in France.

The Company’s strategy is to combine a directly employed and well-trained engineering workforce with proprietary technology — including IoT monitoring of connected equipment and a customer portal giving clients real-time visibility of asset performance and engineer activity — to deliver a materially higher standard of service transparency than the traditional model. Revenue arises from three streams: recurring maintenance contracts, chargeable repair work on the maintained portfolio, and modernisation projects. The directors do not intend to make any major change to the principal activity in the coming financial year.

Performance in the year

Turnover grew by 22.7% to £16,795k (2024: £13,683k), with growth across all three streams: maintenance £6,923k (+16.9%), recurring repairs £5,157k (+17.9%) and modernisation £4,537k (+37.7%). Maintenance growth was driven principally by average contract value rather than portfolio volume: units under contract closed at 3,384 (2024: 3,303) while maintenance revenue per unit rose to £2,046 (2024: £1,792), reflecting price increases and a mix shift towards broader scopes of cover. Closing annual recurring revenue reached £14,660k (2024: £12,866k), supported by modernisation order intake of £6,515k (+54.0%) and, in the fourth quarter, significant maintenance awards — including BNP Paribas and University College London — representing approximately 500 units for mobilisation during the first quarter of 2026. Maintenance order intake of £1,882k was below the prior year (2024: £2,219k) and churn of £908k was higher (2024: £636k), reflecting service delivery difficulties earlier in the year; a restructured customer-facing organisation and a sustained programme of senior customer engagement reduced churn materially in the second half.

Gross profit increased by 6.4% to £3,505k, but the gross margin rate fell 3.2 percentage points to 20.9% (2024: 24.1%). The shortfall is concentrated in maintenance, where the margin rate fell to 2.5% (2024: 13.0%). Direct engineer costs rose to 59.9% of maintenance revenue (2024: 53.5%), driven by overtime and subcontractor cover for vacant routes, static sites and an unfilled escalator engineer position, while spare parts consumption rose to 12.5% of maintenance revenue (2024: 11.5%), principally on legacy fully comprehensive contracts whose scope the directors have since narrowed on renewal. Repair margin was 40.5% (2024: 43.6%), with parts and subcontracting at 41.0% of repair revenue (2024: 38.5%). Modernisation was the strongest performer, the margin rate improving to 25.2% (2024: 16.5%) on better quality of order intake and improved delivery efficiency.

Indirect technical, selling and administrative costs were held broadly flat at £4,045k (2024: £4,137k) notwithstanding the 22.7% increase in turnover, and the resulting operating leverage reduced the EBITDA loss to £(540)k (2024: £(842)k). The Company recorded its first positive monthly EBITDA of the year in November 2025. Equipment availability across the portfolio averaged approximately 98% and completion of planned preventative maintenance approximately 98.5%. The average number of employees rose to 117 (2024: 102).

Future developments

The 2026 budget targets turnover growth of approximately one third, with maintenance, repair and modernisation each contributing. The directors’ principal focus is the recovery of the maintenance gross margin towards 10%, to be achieved through daily control of overtime, subcontracting and parts consumption, disciplined re-scoping of comprehensive contracts on renewal, improved stock availability and the devolution of profit and loss accountability to branch management. The mobilisation of approximately 500 additional units in the first quarter, a qualified modernisation pipeline of approximately £3m (with a further £7m identified), and continued regional expansion underpin the growth plan. The directors also expect the withdrawal of the PSTN network in January 2027 to generate demand for compliant lift communication solutions, an area in which the Company’s connected-equipment capability positions it well.

Principal risks and uncertainties

Health and safety. The Company maintains and repairs equipment used to transport people, and its engineers work in inherently high-risk environments. Health and safety is the directors’ first priority. The Company operates a safety management system supported by structured training, toolbox talks and a programme of site safety and quality audits, the completion rate of which is being accelerated in 2026 with support from the technical team.

People and skills. The Company depends on qualified lift and escalator engineers, for whom the market is competitive. Vacant routes during 2025 were a direct cause of the overtime and subcontractor costs described above. The Company has strengthened recruitment, invested in training and improved retention, and has recruited additional engineers to reduce reliance on subcontracted cover.

Customer retention and concentration. A significant proportion of the maintained portfolio is held with a small number of facilities management customers. The directors are actively diversifying the portfolio, and have invested in customer relationship management, service communication and account governance to protect renewal rates.

Direct cost and contract scope. Margins are sensitive to spare parts consumption, subcontracting and labour cost inflation, and to the breadth of cover under fully comprehensive contracts. Controls over parts approval, overtime authorisation and subcontractor engagement have been strengthened, and the standard comprehensive offering has been re-specified to reduce the Company’s exposure.

Project delivery and supply chain. Modernisation revenue recognition depends on site access and project phasing, both of which caused slippage in 2025. Delivery planning and forecasting disciplines have been tightened. The Company sources from multiple suppliers and is investing in stockholding to reduce dependence on premium expedited deliveries.

Regulatory, technology and information security. The Company operates within a demanding regulatory framework, including LOLER and PUWER, applicable lift standards and building safety legislation, and relies on its own digital platform; access controls, resilience and data protection arrangements are kept under review.

Financial risk management

Credit risk. Managed through customer credit assessment, contractual payment terms and active credit control; the customer base is predominantly institutional and corporate.

Liquidity and cash flow risk. Cash is monitored on a weekly basis and forecast on a rolling basis. Liquidity was constrained during 2025 and the Company was dependent on the support of its parent.

Price and inflation risk. The Company is exposed to wage inflation and to component and vehicle costs. Exposure is managed through contractual indexation, procurement discipline and, from 2026, the procurement capability of the wider ownership group. The Company transacts substantially in sterling, and foreign exchange exposure is limited to intra-group balances.

Going concern and events after the reporting date

The Company was loss-making at the EBITDA level in 2025 and operated with constrained liquidity. In December 2025 the WeMaintain group completed a convertible bond financing of £1.2m, and the Company agreed a schedule for the settlement of arrears of PAYE and national insurance with HM Revenue & Customs, which has been serviced in accordance with that schedule.

On 12 March 2026 the shareholders of WeMaintain SAS entered into a share purchase agreement with Otis, completing in April 2026, since which date the Company has formed part of the Otis group. The directors have received confirmation that the Company’s parent undertaking will provide such financial support as is necessary to enable the Company to meet its liabilities as they fall due for a period of not less than twelve months from the date of approval of these financial statements. On that basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Statement by the directors under section 172(1) of the Companies Act 2006

The directors consider that they have acted in the way they believe, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. Although not required to do so, the directors consider it appropriate to report as follows.

Long-term decisions. The board sets the Company’s strategy and monitors delivery through a monthly performance review with the parent company covering bookings, revenue, margin, cost ratios, cash and headcount, together with a quarterly business review of operational and commercial performance.

Employees. The safety, development and engagement of colleagues are central to the Company’s model. During the year the Company strengthened its operational leadership, restructured the customer service and administrative teams, established a dedicated human resources capability and increased investment in technical training and recruitment.

Customers and suppliers. The directors prioritised the rebuilding of customer confidence during 2025 through direct senior engagement, improved communication and clearer contractual scope, and seek fair and durable relationships with suppliers and subcontractors.

Community and environment. The Company undertook an assessment of its carbon footprint during the year and continues to work to reduce the emissions of its vehicle fleet and the environmental impact of its parts distribution.

Business conduct and shareholder. The directors are committed to high standards of conduct and compliance, and engage with the Company’s shareholder through monthly and quarterly performance reviews.

This report was approved by the board of directors on 7th August 2026 and signed on behalf of the board by:

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

The principal activity of the company continued to be that of lift and escalator maintenance.

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

The auditor, FC EXPERTISE LTD, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

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 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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

We were engaged to audit the financial statements of WEMAINTAIN TECHNOLOGIES LTD (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 loss 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.

This assessment has taken into account the financial position of the company, its cash flow forecasts, and other relevant factors. It is important to note that Wemaintain SAS, as the mother company, has committed to provide unconditional support to Wemaintain Technologies Ltd, including all its subsidiaries. This support extends to the fulfillment of obligations and the settling of debts, should the subsidiaries find themselves unable to meet these responsibilities.

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 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 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 our 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 this other information, we are required to report that fact.

We have nothing to report in this regard.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

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

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

As explained more fully in the directors' responsibilities statement, 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.

The extent to which our procedures are capable to detect irregularities, including fraud is detailed below:

Based on our understanding of the company activity and industry, we identified that the principal risks of noncompliance with laws and regulations related to employments laws and we considered the extent to which non compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated managements incentive and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined at the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- Enquiries with management, including consideration of known or suspected instances of fraud a noncompliance

with laws and regulations and examining supporting calculations where a provision has been made in respect of

these;

- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws;

- understanding and evaluating the design and implementation of management's controls designed to prevent and

detect irregularities; the measurement and classification of exceptional items;

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations

and postings by unusual users.

- Identifying and testing bank transactions, in particular non-automatic transactions.

A further description of our responsibilities is available 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 rapport

This report is made solely to the company's member 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 member 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 member for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

WEMAINTAIN TECHNOLOGIES LTD is a private company limited by shares incorporated in England and Wales. The registered office is 23 Copenhagen Street London N1 0JB.

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 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.

These financial statements are prepared on the going concern basis. In the preparation of these financial statements, the management has assessed the company's ability to continue as a going concern. This assessment has taken into account the financial position of the company, its cash flow forecasts, and other relevant factors. It is important to note that Wemaintain SAS, as the mother company, has committed to provide unconditional support to Wemaintain Technologies Ltd, including all its subsidiaries. This support extends to the fulfillment of obligations and the settling of debts, should the subsidiaries find themselves unable to meet these responsibilities. true

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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 credited or charged to profit or loss.

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 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 end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

Their aggregate remuneration comprised:

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

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.

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

The immediate and ultimate parent company is Wemaintain SAS, a company incorporated in France. Wemaintain SAS is located at 20 bis rue Louis Philippe, 92200 Neuilly-sur-Seine, France