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

The principal activities of the Company are the design, procurement, construction, subsea rock installation, maintenance and repair of offshore windfarms.

The Directors report that this trading year has seen an increased level of turnover compared to 2024 and a welcome return to profitability. This has been due to a combination of a very successful secondary steel installation project at the THOR windfarm off the Danish coast, the operational completion of the Sofia Offshore Wind Farm installation contract on Dogger Bank, the continuation of healthy levels of offshore wind farm maintenance activity and a full year of UK subsea rock installation (SRI) contract work by the company. The Company also has made a significant investment in the business with the purchase and refurbishment of the Stokesley office during the year.

The Company's key financial and other performance indicators during the year were as follows:

The Directors have reviewed the business risks in the context of economic factors including geopolitical events and their future possible adverse effects on the Company’s future operating profits, cash flow and financial position.

Prices and margins are good, although clients maintain giving weighting to price rather than quality when awarding contracts. However, by continuously delivering safety and quality as well as by successful tendering on long term framework agreements, it is expected that a continuous revenue will lead to steady project results.

The Company is supported by a very strong Group structure which maintains favourable liquid resources and the Directors do not believe that the Company will suffer liquidity shortages in the foreseeable future.

The Directors have considered the principal risks and challenges to the continued trading of Van Oord Offshore Wind UK Ltd, over the medium term period to the end of calendar year 2026. The Directors understand the challenges of trading in the installation and maintenance sectors of the offshore wind market. Trading activities have remained strong in both these sectors in 2025 and are forecasted to continue going forwards thanks to the award of new contracts to the Company.

The Directors anticipate risks from economic or global factors and plan accordingly. The Company has remained vigilant over any warning signs exhibited in the global economy and uncertainty in the United Kingdom economy. The Company has assessed the potential impact on its business on a short to medium term view of the risks and still considers inflationary pressures to be a risk. The Company continuously assesses the potential impact of inflation on the business and factors this into the price of project work to be delivered in future years.

Section 172 of the Companies Act 2006 requires a Director of a Company to act in the way he or she considers, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. The Directors of the Company recognise the importance of and the effect that different groups of stakeholders have on the Company and its success. As a result, the Directors are careful to consider the effects of the Company’s actions on different groups of stakeholders when they make decisions.

The Directors recognise that customer relationships are critical to the success of the Company. As the nature of business of the Company involves multi-year framework agreements, it is of paramount importance that the Company maintains a positive relationship with its customers in order to be in a position to win repeat business.

The Company carries out regular evaluations with customers to foster and maintain a positive working relationship. The evaluations provide essential feedback, enabling the Company to give an improved service in engineering and project management.

Suppliers

The Directors recognise that the Company’s suppliers also play an important role in the success of the Company. Receiving quality products in a timely and efficient manner from suppliers has a positive effect on the Company’s ability to control costs and delivery project results, this makes suppliers a key group of stakeholders.

The Company maintains an active supplier management process whereby individual suppliers are scored against their agreed supplier contract. The results of this process are presented to the Directors on a regular basis, this enables the Directors to better direct key purchasing decisions.

As the Company’s workforce is primarily derived from the local community, the Directors recognise that they must recognise the local community when they make business decisions as the local community potentially represents a large part of the Company’s future workforce. It is therefore important for the Company to improve its reputation and minimise its negative effects on the community.

The Directors believe that greater awareness of the Company’s activities amongst the community will help to improve the Company’s reputation within the local community and therefore increase the number of quality applicants for positions within the Company which can help to improve the Company’s long-term prospects.

Environment

The Directors recognise that the Company must act in an environmentally responsible manner in all its business activities to ultimately achieve a net - positive impact on people, the planet and prosperity. The Company also seeks to reduce its energy usage through installing fixtures and fittings which reduce energy consumption.

Employees

The Directors recognise that the Company’s employees are crucial to the long-term success of the Company. It is important that the Company maintains and improves upon the skill base of its employees as this will directly affect the day to day performance of the Company. A properly trained workforce will enable the Company to meet its customer service goals whilst making efficient use of its resources. The Directors seek to identify the training needs of its employees through the use of regularly scheduled performance appraisals combined with budgeting for training needs on a yearly basis.

The Directors also want to encourage employee participation in the business as this leads to better employee retention which inevitably leads to a more skilled workforce which is better able to meet the ongoing requirements of the business. In order to encourage employee participation, the Directors organise regular business update presentations where they present updates on the status of the business and seek to include employees through question and answer sessions.

Principle Decisions

The Directors consider principle decisions to be those decisions which are of key strategic importance to the Company and affect one or more groups of stakeholders. The Directors recognise that considering the impact on stakeholders in its decisions is key to the success of the Company.

Pay Award

The Directors approved an average of 4.60% pay increase for its office employees in 2025. During the process of agreeing the increase, the Directors consulted the employees in order to receive feedback on the proposal and ensure that all viewpoints were considered. The pay award was approved by the Directors after it was agreed.

Environmental, quality, health and safety statement

Clients requiring the services of Van Oord Offshore Wind UK Ltd, in our core activities of offshore wind construction and maintenance, are constantly demanding higher standards, with the environment being one of the key indicators. Therefore, good environmental performance is of paramount importance to the Company. The Company strives to continually improve its environmental and quality performance. In 2025 the Company had a good health and safety performance, measured through quarterly Van Oord reporting, which the Directors believe is a direct result of its continued investment in training, education and monitoring systems. However, the Directors are not complacent and understand that constant vigilance is important.

On behalf of the board

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

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

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

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

Interest has been incurred at a floating rate of 2-5% on group facilities. Therefore, financial assets, liabilities, interest income and interest charges and cash flows are not affected by movements in interest rates with no significant exposure.

The Company includes price inflation indices and adjustment mechanisms within contracts in order to mitigate exposure to price changes in costs of operating activity. Pricing changes are factored into forward forecasts of contract outturns and, so, are a central part of ongoing risk planning and management.

The Directors do not consider that there is any significant credit risk due to the nature of the business, its customers and the operation of a tight credit control process.

The Company aims to mitigate liquidity risk by managing cash generated by its operations. The Company achieves this through the use of intercompany loan funding and other banking facilities. The Company also has a cash pooling arrangement with the Parent Company, which sweeps cash on a daily basis.

The Company’s principle transactions in foreign currency are in Euros. As a result, the Company’s future cashflows arising from these transactions can be affected by movements in exchange rates. Any significant payments forecast that are not denominated in Euros are hedged through the Company’s corporate Treasury team in the Netherlands.

Although the secondary steel installation project at the THOR windfarm in 2025 was a one-off opportunity, good demand for offshore wind farm maintenance and repair has continued into 2026. Going forwards into 2026 and beyond, the contract pipeline looks strong and the Company is well placed in terms of both track record and vessel availability to grow its activity further. The Company also continued to contract for and deliver subsea rock installation work – this activity is complimentary to the other services delivered by the Company as well as being low risk and steady margin work with strong demand forecast over future years.

In addition to the ongoing Sofia Offshore Wind Farm ECPI contract, the Company continues to actively bid for other similar contracts as well as for Transport and Installation (T&I) work. In late 2025, the Company was awarded T&I contracts to deliver the array cable scope at the Vanguard East and West Windfarms off the Norfolk coast. Turnover associated with these contracts is €584M, with delivery scheduled for 2027 and 2028. Stretching UK Government targets for growth in offshore wind electricity generation plus limited contractor and vessel availability to deliver such work puts the Company in a strong position to be awarded further work in this area. These factors are also anticipated to realign commercial and contract terms in order to deliver the works more profitably.

Going concern

The Company's business activities, together with the factors which the Directors foresee will impact upon the future commercial successes of the Company, are set out in this report.

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due.

At the balance sheet date, the Company had net current assets of £34,422,000 (2024 -​ £13,500,000) and total net assets of £22,889,000 (2024 -​ £1,560,000) including amounts owed (from) /​ to its parent undertaking and other group undertakings (net) of £47,624,000 (2024 -​ £40,352,000).

The Company meets its day to day working capital requirements through cash deposits held and loans from its parent undertakings. The Company is dependent on continued financial support from its parent undertaking.

Although the overall revenue of the Company increased in 2025, 2026 will be a quieter year as both the THOR and Sofia projects have been operationally completed and activity on the newly awarded Norfolk Vanguard projects only starts to ramp up towards the back end of the year. However, offshore wind farm maintenance (O&M) and subsea rock installation (SRI) activities will continue to generate steady revenues throughout 2026 due to contracts awarded and good vessel utilisation. Going forwards into 2027 and beyond, activity will significantly increase once again as the Vanguard projects move into their operational phases whilst both O&M and SRI projects will continue to generate steady revenues to supplement this growth.

Unlike the Sofia Offshore Wind Farm EPCI (Engineering, Procurement, Construction and Installation) contract, the newly awarded Norfolk Vanguard projects are T&I (Transport & Installation) contracts with a more equitable balance of risk between the Client and Contractor. The contracts also include robust indexation clauses to help mitigate unforeseen cost pressures should they arise during project delivery.

In order to monitor the situation and ensure that the Company remains a going concern, the Directors are reviewing weekly and monthly forecasts of the Company’s expected future performance based on the most up to date information that is available. The information that these forecasts are based on changes on an almost daily basis and therefore regular reviews are essential in order to control the Company’s exposure to risks.

The Company is dependent on continuing financial support being made available from its parent undertaking. The Directors have received formal confirmation via a letter from Van Oord N.V (the Parent Company) that financial assistance will be provided, for the period ending 30 September 2027 from the date of the approval of these financial statements. On this basis, the financial statements have been prepared on a going concern basis.

Going concern (continued)

The Directors have determined that the Parent Company will be able to provide financial support to the Company as and when required as detailed cashflow analysis has been done by the Parent Company for both current and future years. The results of this analysis is that the Parent Company will be able to support the Company for the period ending 30 September 2027 from the date of the approval of these financial statements.

In view of the circumstances referred to above, the Directors have satisfied themselves that financial support will continue to be available to the Company in the foreseeable future. Accordingly, the Directors of the Company believe that it is appropriate to prepare the financial statement on a going concern basis.

In accordance with the company's articles, a resolution proposing that Ernst & Young LLP be reappointed as auditor of the company will be put at a General Meeting.

Sustainability, innovation and collaboration are key to successfully facing today’s global challenges. Together we can create new solutions that contribute to a better world. The ultimate goal of our sustainability framework is to have a net-positive impact on people, the planet and prosperity.

Environmental protection and climate change are among the greatest challenges we face, both as a society and as a business. We have a key part to play through minimising the environmental impact and carbon footprint of our operations to ensure the long-term sustainability of the services we provide.

Policies & Management

Our Environmental Policy sets out our commitment to integrating the assessment, management and control of environmental issues into the management of our business. This is complemented by our Energy Policy, which recognises the impact of energy use on climate change and commits us to effectively and efficiently manage our energy use.

Our policies require us to play our part in accelerating the energy transition, minimising the amount of waste going to landfill by designing out and reducing waste, reusing materials wherever possible, recycling more, and increasing the use of recycled and recovered materials.

We identify, manage and mitigate our environmental impacts from project to company level through our ISO 14001 certified management system, supported by our QSHE department. We make our people aware of environmental standards and policies that are integrated into our management system, through extensive training and promoting the right behaviours we expect of our employees, as set out in our Code of Conduct. Compliance with our environmental standards and policies is assessed through the same process as our Health and Safety standards. We also monitor environmental performance improvement using key indicators (for example carbon), which are regularly reviewed and reported. All environmental incidents are fully investigated and reported by our SHEQ department to ensure any appropriate lessons are learned to prevent further recurrences.

The total biodiesel consumption which is out of scope is 375 tCO2e.

In order to calculate the required information, we have used:

• The 2019 UK Government Environmental Reporting Guidance;

• The Greenhouse Gas (GHG) Reporting Protocol – Corporate Standard (revised edition);

• UK Governments Greenhouse Gas Conversion Factors and Methodology for Company Reporting 2019; and

• UK Government Greenhouse Gas Conversion Factors for 2025.

We have reported carbon dioxide equivalent emissions (tCO2e) from sources required under the Companies (Director’s Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. Emissions cover all those from our own marine fleet, fuel used directly on our project sites, electricity in our offices and fuel used in private/hire cars for business use. Where energy use was not directly recorded in kWH and where data was obtained in litres used and distance travelled, relevant conversion factors have been used to convert to CO2e and kWH. The sources of energy use that have been quantified are as follows:

• Scope 1 – Direct greenhouse gas emissions

• Scope 2 – Indirect energy emissions

• Scope 3 – Indirect emissions (upstream and downstream supply chain)

The carbon quantification encompasses activities undertaken in the UK by Van Oord Offshore Wind UK Ltd.

VOOW UK’s GHG reporting covers all operations conducted in the UK for which VOOW UK has operational control. The associated energy use and emissions (in terms of equivalent carbon) for scope 1, 2 and business travel by car (scope 3) for the reporting period (this being 2025) are set out below. As we undertook mandatory reporting last year (2024), the same information for 2024 is also presented.

Our main source of emissions and energy use is fuel used in our marine equipment, which is related to the volume of work we undertake and also the type of work we deliver. The selected intensity ratio therefore relates emissions to turnover. 2025 saw a decrease in Van Oord owned vessel emissions, offset by an increase in third party vessel emissions. The decrease in Van Oord owned emissions was primarily due to lower Subsea Rock Installation (SRI) activity within UK waters in 2025. The increase in third party vessel emissions was due to the phasing of operational support activities for the Sofia project (more in 2025 than 2024).

The Van Oord owned SRI vessels Bravenes and Stornes both began to use B30 fuel in 2025. This is a mix of 30% biodiesel and 70% conventional fossil diesel. The 70% fossil diesel is included in scope 1, whilst the 30% biodiesel falls outside of scope but is reported here for transparency.

95% of Van Oord’s global carbon emissions is associated with the fuel we use in our vessels, so reducing the emissions associated with marine fuel is our area of focus – we are achieving this through workstreams focused on technology, energy, governance & behaviour. Short, mid, and long-term initiatives are summarised as follows:

• Short Term (Biofuels): We are adopting renewable biofuels, such as FAME and HVO, as drop-in solutions for our existing vessels. These biofuels allow us to reduce emissions without major modifications to our fleet.

• Mid Term (Fleet Upgrades): We are retrofitting vessels to improve compatibility with renewable fuels and enhance energy efficiency, prioritising upgrades for the highest-emitting vessels to maximise impact.

• Long Term (New Builds): We have constructed new vessels, such as Calypso and Boreas, designed specifically to run on renewable fuels like green methanol. These vessels, and others in the pipeline, represent our long-term commitment to a sustainable and future-proof fleet.

In the period covered by the report we have continued to undertake a number of energy efficiency actions including the following:

•    Each vessel in the Van Oord fleet has a Ship Energy Efficiency Management Plan (SEEMP) in order to help document, target and monitor ship efficiency performance. Key energy saving measures include:

•    Sailing with reduced speed whenever possible in order to reduce fuel consumption;

•    Reduction of hull drag resistance using regular maintenance and anti-fouling systems;

•    Ongoing conversion of onboard lighting to LED in order to reduce electricity use;

•    Continuation of thermal insulation being fitted to cabins to reduce heat loss;

•    Provision of fuel and power consumption data to crew to raise awareness of usage;

•    Water, energy and detergent reduction through efficient usage of washers;

•    Evaluation of engine modifications to allow bio fuel use;

•    Where technically feasible, utilisation of bio fuel rather than marine gas oil by vessels.

• Most of the electricity supplied to our permanent office has come from renewable sources.

• In 2024 Van Oord established the Green Fuel Fund (GFF) to bridge the financial gap and accelerate our transition to renewable fuels. The GFF is a dedicated financial mechanism that supports the additional costs associated with purchasing renewable fuels, ensuring we remain on track with our sustainability commitments. Recognising the increasing importance of sustainability for our clients, we've begun to make the Sustainable (i.e. lower carbon) offer our default option. Even in cases where clients are not ready to fully embrace the Sustainable offer, the GFF allows us to:

• Proactively reduce emissions: We can still invest in renewable fuels for strategic projects, ensuring ongoing progress toward our emission goals.

• Demonstrate leadership: By taking the initiative, we reinforce our position as a leader in sustainable maritime solutions.

• Van Oord has also continued executing and monitoring progress on the company’s 3-year plan with a focus on delivering positive impact across our 4 sustainability pillars which are:

• Enhancing the energy transition,

• Accelerating climate actions,

• Empowering nature and communities,

• Achieving net zero emissions.

• We were also mindful of sustainability and carbon emissions when planning and executing the refurbishment of our Stokesley Office:

• Refurbishing and modifying the building in order to save resources and carbon;

• Installing energy efficient lighting (e.g. motion activated low-energy LED lighting);

• Installing a new energy efficient ventilation / heating / cooling system;

• Incorporating waste bins with different compartments for separating recycling.

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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 have audited the financial statements of Van Oord Offshore Wind UK Ltd. for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, the Statement of Changes in Equity and the related notes 1 to 22, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 set out on page 10, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those relating to the reporting framework (FRS102 and Companies Act 2006) and the relevant direct and indirect tax legislation in the United Kingdom. In addition, the Company is required to comply with laws and regulations relating to its operations including the Health and Safety Act and employment regulations.

• We understood how the Company is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies in these areas. These enquiries confirmed that the Company has a process for monitoring legal requirements; has training policies designed to determine that all employees are properly trained and understand the code of conduct relating to compliance with laws and regulations and has a process for reporting matters of non-compliance and taking appropriate action. We corroborated our enquiries through review of Board minutes and correspondence with relevant authorities.

• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by assessing revenue to be a fraud risk. Our procedures were designed to address the risk of the potential for revenue to be misstated due to the complexity in estimating the costs to complete on projects as it involves forecasts that are inherently uncertain. We tested the revenue recognised and management’s forecasts of projected costs, focusing on the key assumptions to address the risk. We also tested the historical accuracy of management’s forecasts to assess the reliability of the forecasting process. Applying our data techniques, we identified the manual journal population deemed most susceptible to fraud (based on fraud risk criteria) and substantiated those transactions back to supporting documentation including appropriate authorisation.

• Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved making enquiries of management and those charged with governance as to their awareness of non-compliance with laws and regulations. We also considered the results of our substantive procedures on other areas of the audit that may indicate non-compliance with such laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

Van Oord Offshore Wind UK Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Resolution House, 18 Ellerbeck Court, Stokesley, North Yorkshire, TS9 5PT.

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 £'000.

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

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

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

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

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

The financial statements of the company are consolidated in the financial statements of Van Oord N.V. These consolidated financial statements are available from its registered office, PO Box 8574, 3009 AN Rotterdam, the Netherlands, and are available on the group website: www.vanoord.com/news/publications.

The Company's business activities, together with the factors which the Directors foresee will impact upon the future commercial successes of the Company, are set out in this report.true

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due.

At the balance sheet date, the Company had net current assets of £34,422,000 (2024 -​ £13,500,000) and total net assets of £22,889,000 (2024 -​ £1,560,000) including amounts owed (from) /​ to its parent undertaking and other group undertakings (net) of £47,624,000 (2024 -​ £40,352,000).

The Company meets its day to day working capital requirements through cash deposits held and loans from its parent undertakings. The Company is dependent on continued financial support from its parent undertaking.

Although the overall revenue of the Company increased in 2025, 2026 will be a quieter year as both the THOR and Sofia projects have been operationally completed and activity on the newly awarded Norfolk Vanguard projects only starts to ramp up towards the back end of the year. However, offshore wind farm maintenance (O&M) and subsea rock installation (SRI) activities will continue to generate steady revenues throughout 2026 due to contracts awarded and good vessel utilisation. Going forwards into 2027 and beyond, activity will significantly increase once again as the Vanguard projects move into their operational phases whilst both O&M and SRI projects will continue to generate steady revenues to supplement this growth.

Unlike the Sofia Offshore Wind Farm EPCI (Engineering, Procurement, Construction and Installation) contract, the newly awarded Norfolk Vanguard projects are T&I (Transport & Installation) contracts with a more equitable balance of risk between the Client and Contractor. The contracts also include robust indexation clauses to help mitigate unforeseen cost pressures should they arise during project delivery.

In order to monitor the situation and ensure that the Company remains a going concern, the Directors are reviewing weekly and monthly forecasts of the Company’s expected future performance based on the most up to date information that is available. The information that these forecasts are based on changes on an almost daily basis and therefore regular reviews are essential in order to control the Company’s exposure to risks.

The Company is dependent on continuing financial support being made available from its parent undertaking. The Directors have received formal confirmation via a letter from Van Oord N.V (the Parent Company) that financial assistance will be provided, for the period ending 30 September 2027 from the date of the approval of these financial statements. On this basis, the financial statements have been prepared on a going concern basis.

The Directors have determined that the Parent Company will be able to provide financial support to the Company as and when required as detailed cashflow analysis has been done by the Parent Company for both current and future years. The results of this analysis is that the Parent Company will be able to support the Company for the period ending 30 September 2027 from the date of the approval of these financial statements.

In view of the circumstances referred to above, the Directors have satisfied themselves that financial support will continue to be available to the Company in the foreseeable future. Accordingly, the Directors of the Company believe that it is appropriate to prepare the financial statement on a going concern basis.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover (continued)

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.

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

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

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

Recognised impairment losses are reversed if, 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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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

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

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

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

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

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

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

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

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

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

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

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting 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.

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

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

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

Long-term contracts

Profit on long-term contracts is taken as the work is carried out, if the final outcome can be assessed with reasonable certainty. The profit included is calculated to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as the contract activity progresses.

Stage of completion is measured by reference to costs incurred to date as a percentage of total estimate costs for each contract. Where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. An expected loss on the contract is recognised immediately as an expense.

Turnover is stated as the value which has been certified. Revenues derived from variations on contracts are recognised to the extent that it has been accepted by the client. Amounts recoverable on contracts, which are included in debtors, are stated at cost plus attributable profit, to the extent that reliability is reasonably certain. Cost for this purpose includes valuation of all work undertaken by subcontractors.

Long-term contract balances represent total cost incurred net of amount transferred to profit and loss in respect of work carried out to date, less foreseeable losses and applicable payments on account. Payments received from customers in advance are deducted from work in progress to the extent of the cost of the work carried out and any excess is shown as payments on account on long-term contracts.

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

Their aggregate remuneration comprised:

Employees project wages and salaries costs are recharged to associated Companies. The project recharges for the year were £8,709,050 (2024 - £6,824,194).

The Company contributes to a defined contribution pension scheme. Contributions in the year totalled £406,518 (2024 - £349,620). There were contributions amounting to £Nil (2024 - £Nil) outstanding at the balance sheet date.

As total Directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

There are £nil (2024: £nil) company contributions paid to a pension scheme in respect of Directors' qualifying services.

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

Factors that may affect future tax charges:

The UK corporation tax rate remained at 25% throughout the financial year ended 31 December 2025. Accordingly, the corporation tax rate applicable to the Company's taxable profits for the year was 25% (2024: 25%). As there was no change in enacted tax rates during the year, the weighted average tax rate for the year ended 31 December 2025 was 25% (2024: 25%).

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

Included within fixed asset additions is £3,094,000 relating to the purchase and refurbishment of the Stokesley office.

Amounts owed by fellow group undertakings are non-interest bearing and are repayable on demand.

Amounts owed to fellow group undertakings are non-interest bearing and are repayable on demand, with the exception of Van Oord Finance, where interest has been payable at a floating rate of 2-5%.

A provision is recognised for costs which could potentially be incurred during the contractual 5 year Defect Notification Period (DNP) for the Sofia project. The provision will be regularly monitored throughout this period (ending 2030) and adjusted in line with any costs incurred or additional liabilities forecast.

The provision in 2024 also included a provision for the expected loss on the Sofia project.

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

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

Ordinary shares have the following rights, preferences and restrictions:

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

This reserve records the nominal value of the issued share capital of the Company.

Consideration received for shares issued above their nominal value net of transaction costs.

This reserve records cumulative profits and losses less any dividends paid.

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:

As the Company is a wholly owned subsidiary within the group headed by Van Oord N.V. the Company has taken advantage of the exemption contained in FRS 102 paragraph 33.1A and has therefore not disclosed transactions or balances with entities which form part of the group due to all other group Companies being 100% owned within the Van Oord Group. The consolidated financial statements of Van Oord N.V. within which this Company is included, can be obtained from the address given in note 22.

The Company's immediate parent undertaking, is Van Oord Offshore Wind B.V., a company incorporated in the Netherlands.

In the directors' opinion the Company's ultimate parent undertaking, controlling party and largest and smallest group in whose financial statements the Company is consolidated is Van Oord N.V., a company incorporated in the Netherlands.

The Group financial statements may be obtained from Van Oord N.V., PO Box 8574, 3009 AN Rotterdam, the Netherlands, and are available on the group website: www.vanoord.com/news/publications.