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Registered number:
For the Year Ended
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Company Information
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Contents
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Strategic Report
For the Year Ended 31 December 2025
The directors present their Strategic Report and the financial statements for the year ended 31 December 2025.
The principal activity of the company is the sale and distribution of projectors, flat panel displays, interactive flat panel displays, LED displays, screens, visualisers and related accessories.
Accounts are prepared under FRS 101 – Reduced Disclosure Framework and the directors have taken advantage of the disclosure exemptions allowed under this standard. The results of the company are shown in the Profit and Loss Account. In general, competition in the market continues to be intense. New technology drives demand and the company continues to monitor the market needs for new inspirations and develop its innovative products to stimulate current and future demand. The company’s key financial and other performance indicators during the year were as follows:
No dividends were paid / payable to the parent company during the year or in the prior year.
The Company’s principal risks and uncertainties are broadly competition, foreign exchange fluctuations, credit risk, the global economic environment, and political unrest, such as the Ukraine war and Middle East instability.
Competitive risks The competition is challenging as established suppliers try to increase market share in a projector market that is decreasing in size. Also, as technology improves there is a downward pressure on prices with a need to constantly evolve product ranges. The company is actively seeking new opportunities and has expanded into flat panel display solutions and value-added software. Foreign currency risks Fluctuations in foreign currency markets pose a risk for pricing of purchases and sales that could result in foreign exchange losses. Currency markets remained quite volatile during the year and all indications are that this trend will continue in 2026. The company seeks to match receipts and payments from foreign currency trading transactions where possible to achieve a natural hedge. The company also enters into forward foreign currency contracts to reduce exposure to the variability of foreign exchange rates for purchases and sales.
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Strategic Report (continued)
For the Year Ended 31 December 2025
Political unrest including wars in Ukraine and Middle East Political unrest, changes and unsettled markets in Europe, the Middle East and Africa continue to present problems and challenges. These conditions are likely to continue in 2026. At the time of reporting, the invasion of Ukraine has lasted just over four years. Many European countries, including the UK, have imposed sanctions on Russia and Belarus. The company has continued to suspend business activities in Russia and Belarus in order to comply with applicable sanctions and to reduce credit, operational and reputational risks. In addition, continuing conflict and security concerns in the Middle East region created ongoing challenges for global supply chain networks in 2025. Disruption to shipping routes, increased transportation, and insurance costs, energy market volatility, heightened security measures and geopolitical uncertainty contributed to the complexities faced by the business in its' international trade. To mitigate these impacts, the Company has maintained close communication and collaboration with suppliers, customers and logistics partners, while monitoring developments and implementing contingency measures where appropriate to support business continuity and supply chain resilience. Credit risks The company is subject to credit risk. However, management has stringent policies in place to ensure that any credit exposure is minimised as far as possible. Such policies include credit insurance, trading and payment history, credit worthiness procedures, strict payment terms and robust credit collection procedures. The company also maintains a significant cash balance and a strong balance sheet with no significant external debt exposure. Global economic environment and cost of living impact During 2025, inflationary pressures eased in several markets compared with prior years; however, economic uncertainty, elevated interest rates in some regions, and ongoing geopolitical tensions continued to influence consumer and business spending patterns. Trade policy developments, including tariffs and related measures in certain jurisdictions, also contributed to cost pressures and supply chain complexities across a number of sectors. Geopolitical developments in the Middle East, including the escalation of tensions and military actions involving the United States and Iran during early 2026, increased volatility in global energy markets and heightened uncertainty surrounding international trade and supply chains. Concerns regarding potential disruptions to key shipping routes and energy supplies contributed to fluctuations in commodity prices and operating costs across many industries. The business continued to invest in product innovation, marketing capabilities, and enhancing the customer experience, helping to maintain the competitiveness and attractiveness of its products. These investments supported continued customer demand and positioned the business to respond effectively to evolving market conditions.
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Strategic Report (continued)
For the Year Ended 31 December 2025
This section acts as the company’s Section 172 (1) statement. In accordance with The Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008, this section also constitutes the company’s statement on engagement with, and having due regard to the interest of our key stakeholders.
Customers Our customers are distributors, resellers, retailers, e-tailers and end users of projectors, flat panel displays, interactive flat panel displays, and LED displays across Europe, Middle East and Africa. What matters to them Our customers look for high quality and reliable products with the latest technology at a competitive price. Having a wide range of products available with different specifications is also key to some of our customers. Consequently, understanding our customers’ needs is central to our product strategy and where we invest in new technologies. Our customers also value a track record of reliable, local after-sales support. Why they matter to us Our customers are the key to the survival of the company. In a competitive market, customer retention and satisfaction are paramount. They are our long-term partners, with the continuous support of whom we are able to grow and achieve our strategic position in the market. How we engage We work closely with our customers, listening to their needs and feedback. Communication with customers is delivered through a range of channels, including regular visits, joint project teams, engaging them in case studies, attending trade shows and inviting customers to our demo events and road shows. Employees Our employees and their experience are valuable assets of the company. We have a diverse and experienced workforce who are the key to the success and future of the company. What matters to them What matters most to our employees are job satisfaction, training and career development, a supported and trusted work environment with mutual respect, work-life balance, and being valued and rewarded for their contribution to the company. Why they matter to us The skills, capabilities and commitment of our employees are critical to ensuring the sustainability of our business, driving the business forward through difficult times, and continuously delivering customer engagement and satisfaction.
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Strategic Report (continued)
For the Year Ended 31 December 2025
Section 172 (1) Statement (continued)
How we engage
The directors continue to encourage employee participation within the company, through an open and participative style of management and communication. Regular contact and exchange of information between managers and colleagues is maintained through team briefings, monthly business updates, and a range of communication channels including intranet, notice boards and social events. The company is committed to equal opportunities for all, free from discrimination and harassment. All job applicants and employees, visitors or contractors will receive equal treatment regardless of sex, race, disability, sexual orientation, religion or belief, age, trade union membership, or national origins. Within Optoma, employees are recruited, trained and promoted on objective grounds. Suppliers The vast majority of our products are supplied by companies within Coretronic Corporation group. Coretronic Corporation, incorporated in Taiwan, is the ultimate parent company of Optoma Europe Limited. The company also procures goods and services from a small number of independent suppliers. What matters to them As our main suppliers are also our parent or related companies, we share the same group values and contribute to the same group strategy. These include but are not limited to commitment to quality and professional service to our customers, pursuit of growth and potential of our employees, and sustainable development to our society. Our independent suppliers seek for continuous business with a reliable and trustworthy partner, who values their business relationship and a fair compensation for the goods and services provided. Why they matter to us Our suppliers are fundamental to the development and quality of our products. They tailor, adapt and innovate products to meet ours and our customers’ needs. An effective, efficient, adaptive and sustainable supply chain is essential to enable us to deliver for our customers. How we engage We engage with our supplier through meetings, joint projects, performance reviews, and knowledge sharing of the latest development and market response. A two-way communication is in place to ensure significant matters are discussed and timely addressed. Our supplier relationships are guided by contracts. It is the company’s policy that payments to suppliers are made in accordance with the contract terms. Shareholders The shareholders of the company are as stated in note 20 to the financial statements. What matters to them What matters to our shareholders are the company’s continuous growth, the company’s ability to deliver sustainable profit, reputation and market recognition of Optoma as a brand, aligned value and vision with the group and a coherent and responsible culture to its key stakeholders and the society it operates within.
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Strategic Report (continued)
For the Year Ended 31 December 2025
Section 172 (1) Statement (continued)
Why they matter to us Our shareholders are the investors and the foundation of the company. Ensuring they have a full understanding of our business including the business direction, growth potential, market opportunities and risks, as well as the overall performance of the business is crucial to the future of the company. How we engage Strategic decisions are made by the shareholders with input from the Board of Directors and senior management of the company. Operational responsibility of the company is delegated to the Directors and senior managers, and local decisions follow the principles set in the Standard Operating Procedures of the group. Frequent communication takes place with our parent company through electronic mail, formal and informal meetings and monthly results presentations.
Optoma’s position as a leading visual solution provider remains at the core of the business proposition in 2025. The EMEA market remains a diverse, complex environment, with varying levels of technology maturity.
Optoma's product display offering constitutes Projectors, Interactive Flat Panel Displays (IFPD), Non-Interactive Flat Panel Displays (FP), and All-in-One LED Displays (AiO LED). The breadth of the display offering allows for best fit to the technology needs of local markets. The value proposition of Optoma Management Suite (OMS) has been further enhanced with new features. The ability to integrate OMS with other 3rd party solutions through API connectivity will broaden the addressable market opportunity and scalability of our display hardware sales by bringing peace of mind to customers through interoperability. Optoma continues to lead the way in Solid State Illumination (SSI) technology and is ahead of the general projector market in preparation for EU Legislation, following aggressive lifecycle transitions away from lamp-based technology. The launch of the Photon series, consumer-focused projectors, and a dedicated marketing campaign across EMEA have helped generate awareness of our lamp-free direction. The vertical market sectors Sports Simulation, Leisure and Entertainment, and Museums and Galleries have shown strong growth in business. In each of these sector’s projection typically remains the display technology of choice.
On behalf of the Board.
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Directors' Report
For the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to €454,000 (2024 - €908,000).
Total dividend paid/payable to the parent company during the year was €nil (2024 - €nil).
The directors aim to maintain and advance the company’s practices with a goal of surpassing the turnover levels achieved in 2025. With the ongoing shift towards solid state illumination (SSI) technology, we anticipate maintaining and enhancing margins through our diversified offering of high-specification products, particularly in the growing markets of Interactive Flat Panel Displays (IFPD) and Non-Interactive Flat Panel Displays (FP). A summary of the principal decisions effecting future developments are described on page 5.
In determining the appropriate basis of preparation for the financial statements for the year ended 31 December 2025, the Directors have considered whether the company can continue in operational existence for a period up to 31 August 2027.
The company’s business activities, together with the factors likely to affect its future development, financial position, financial risk management objectives, financial instruments and its exposure to competitive, credit, and foreign currency risks are described in the Strategic Report on pages 1 to 5. The Company position shows net current assets of €28.5m as at 31 December 2025 (2024: €29.2m), including a cash balance of €18.4m as at 31 December 2025 (2024: €12.0m), and net assets of €28.8m as at 31 December 2025 (2024: €28.5m). The Company generated a profit after tax for the year ended 31 December 2025 of €0.5m (2024: €0.9m profit). The company has faced a number of challenges throughout 2025, including but not limited to an overall decrease in the general projector market, a total market with surplus inventory, difficult economic conditions and the conflicts in the Middle East, and between Russia & Ukraine. These events have a wide-reaching impact on the company’s governance, supply chain, customer relationship and workforce. The company has managed to generate gross profit of €10.9m through inventory control, adjusted pricing strategy, adapting supply to maket demand and cost control, but sustained an operating loss of €0.2m in 2025. The company has considerable financial resources and as a consequence, the directors believe that the company is well placed to manage its business risks successfully, aided by continuous innovation in products, despite the continued uncertain economic outlook. The company has access to significant cash holdings as disclosed in the balance sheet on page 16 of these financial statements. This supports the company’s liquidity and longer-term viability, and provides the ability to withstand reasonably possible downside scenarios should they arise. In addition, the company has no external borrowings. The directors are therefore comfortable that the company is well-positioned to meet any challenges that lie ahead. The directors have prepared cashflow forecasts, running various sensitivities, including those that are considered unlikely, none of which resulted in the company running out of cash.
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Directors' Report (continued)
For the Year Ended 31 December 2025
Going concern (continued)
After making enquiries and performing the analysis as described above, the directors have a reasonable expectation that the company and its subsidiaries have adequate resources to continue in operational existence throughout the period of assessment through to 31 August 2027. Accordingly, they continue to adopt the going concern basis in preparing the annual reports and financial statements.
The company uses forward foreign currency contracts to reduce exposure to the variability of foreign
exchange rates by fixing the rate of any material payments or receipts in foreign currency.
From financial years beginning on or after 1 April 2019, large unquoted UK companies are required to report
publicly on their UK energy use and carbon emissions. This is the fifth year of SECR reporting for Optoma Europe Limited. The tables below show the energy used by Optoma Europe Limited for the year ended 31 December 2025 compared to prior year. Energy consumption types in scope for reporting are heating, lighting and other electricity used in our premises (scope 2), usage of natural gas for boilers (scope 1) and fuel used for company cars (scope 1) and employee-owned cars for business travel (scope 3). The consumption statistics in 2025 have shown a similar usage of electricity compared to 2024. While the fuel usage decreased in the current financial year due to reduced business-related travel. Energy data is reported for sites where Optoma Europe Limited has the ability to directly influence energy management, such as the company’s offices in Hemel Hempstead and Leeds. To report on scope 1 & 2, Optoma Europe Limited collects data on energy consumption for both sites from the billing documents of energy suppliers and fuel receipts for travel in vehicles that are owned or controlled by the company. To report on scope 3, data on the business mileage is collected where employees are responsible for purchasing the fuel for business travel in employee-owned vehicles or travel in rental cars. GHG emissions from refrigerant gases from our HVAC units have also been considered for the purpose of SECR reporting. However, the CO2e from fluorinated gases were zero for the year ended 31 December 2025. 2025 GHG conversion factors published by the UK Government have been used for converting the energy consumption into tonnes of carbon dioxide equivalent (tCO2) emission. Energy consumption and associated CO2 emission
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Directors' Report (continued)
For the Year Ended 31 December 2025
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Directors' Report (continued)
For the Year Ended 31 December 2025
Intensity ratios have been calculated by dividing total tonnes of carbon dioxide equivalent emission by total number of full-time equivalent staff and total square metres of floor space.
The company is committed to year-on-year improvement in energy efficiency. Our range of products have an eco-friendly design to reduce their carbon footprint and conserve power. Our products have a long usable life, feature the use of recycled plastics and sustainable materials and are shipped with minimum packaging. The company is constantly developing new technologies such as laser based light source to minimise our environmental impact.
As a result of the WEEE directive we have a responsibility to meet Government set target for recycling products at end of life. To meet that obligation, we are a member of one of the largest WEEE compliance schemes and regularly conduct reviews to ensure compliance. The company endeavours to reduce or eliminate waste of all types, including water and energy, by implementing appropriate conservation measures in our facilities, through their maintenance and production processes and by recycling, re-using or substituting materials. Our office and warehouse in the UK are fitted with LED lights and light sensors to improve energy usage. We operate a paperless office policy to minimise paper waste. Staff are encouraged to cycle to work and are supported by our corporate cycle to work scheme. A higher percentage of company cars are either hybrid or fully electric. We are increasingly conscious of corporate social responsibility and are increasingly seeking to work with sustainable suppliers.
The directors who served during the year were:
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Directors' Report (continued)
For the Year Ended 31 December 2025
The auditors, Ernst & Young LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
An announcement was made on 27th April 2026 that the ultimate parent company, Coretronic Corporation, approved a plan to establish an investment holding company, CoreIntelligence Holdings Corporation, to enhance the efficiency of the Group’s strategic planning and increase flexibility in the development of new businesses. This plan is subject to final approvals from local governmental agencies in Taiwan.
The directors are not aware of any other significant events after the balance sheet date which would require adjustment or disclosure in these Financial Statements.
This report was approved by the board and signed on its behalf.
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Statement of Director's Responsibilities
For the Year Ended 31 December 2025
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations in the United Kingdom.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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, including FRS 101, have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
∙present information, including accounting policies, in a manner that provides relevant, reliable,
comparable and understandable information;
∙provide additional disclosures when compliance with the specific requirements in FRS 101 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the company financial position and financial performance;
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 to 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.
Under applicable law and regulations, the directors are also responsible for preparing a Strategic Report, and Directors’ Report, that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website.
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Independent Auditors' Report to the Members of Optoma Europe Limited
We have audited the financial statements of Optoma Europe Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 20, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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 to 31 August 2027.
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.
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Independent Auditors' Report to the Members of Optoma Europe Limited (continued)
The other information comprises the information included in the annual report other than the financial statements and our auditors' 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 our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and 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.
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Independent Auditors' Report to the Members of Optoma Europe Limited (continued)
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 auditors' 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 material misstatements in respect of irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”), the Companies Act 2006, and United Kingdom’s direct and indirect tax regulations. In addition, the Company must comply with operational and employment laws and regulations including: health and safety regulations, competition law, anti-bribery and corruption regulations and general data protection requirements in the United Kingdom.
∙We understood how Optoma Europe Limited is complying with those frameworks by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of policies and board meeting minutes. We understood incentive and ability to override controls, and employee access to guidance of how to report any instances of non-compliance. We observed the oversight of those charged with governance and management’s entity level controls to understand the Company’s culture, including emphasis and fraud prevention.
∙We assessed the susceptibility of the company’s financial statements to material misstatement, including the risk of management override of controls and the presumed fraud risk relating to revenue recognition. We incorporated data analytics into our testing of journal entries to identify unusual and higher-risk transactions, as well as into our testing of revenue recognition and cut-off. For selected items, we traced transactions to supporting documentation or obtained appropriate supporting evidence to verify appropriate authorisation, assess the commercial rationale for the transactions, and identify any indicators of management override.
∙Based on this understanding we designed our audit procedures to identify noncompliance with the laws and regulations. Our procedures involved:
°Enquiring of management and those charged with governance regarding any known or suspected fraud, actual or potential litigation and claims, and any breaches of significant laws and regulations during the period;
°Addressing the risk of management override of controls through testing of journal entries and other manual accounting adjustments;
°Evaluating the reasonableness of significant management judgements by corroborating supporting evidence and considering contradictory information; and
°Assessing compliance with applicable laws and regulations through inspection of financial statement disclosures and testing supporting documentation.
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 auditors' report.
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Independent Auditors' Report to the Members of Optoma Europe Limited (continued)
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 auditors' 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.
for and on behalf of Ernst & Young LLP (Statutory Auditor)
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Profit and Loss Account
For the Year Ended 31 December 2025
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Statement of Comprehensive Income
For the Year Ended 31 December 2025
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Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 42 form an integral part of these financial statements.
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The notes on pages 19-41 form an integral part of these financial statements.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
The company is a private company limited by share capital and is incorporated in England & Wales. These financial statements are prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (‘FRS 101’) applicable in the UK and Ireland, and the Companies Act 2006.
The company’s financial statements are presented in Euro, which is the functional currency of the company, and all values are rounded to the nearest thousand euros (€000) except when otherwise indicated. The company has taken advantage of exemption under S401 of Companies Act 2006 not to prepare group accounts as it is a wholly owned subsidiary of Coretronic Corporation (note 20).
2.Accounting policies
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Coretronic Corporation as at 31 December 2025 and these financial statements may be obtained from 11 Li-Hsin Road, Science
based Industrial Park, Hsin Chu, Taiwan ROC.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
In determining the appropriate basis of preparation for the financial statements for the year ended 31 December 2025, the Directors have considered whether the company can continue in operational existence for a period up to 31 August 2027.
The company’s business activities, together with the factors likely to affect its future development, financial position, financial risk management objectives, financial instruments, and its exposure to competitive, credit, and foreign currency risks are described in the business review on pages 1 to 5. The Company position shows net current assets of €28.5m as at 31 December 2025 (2024: €29.2m), including a cash balance of €18.4m as at 31 December 2025 (2024: €12.0m), and net assets of €28.8m as at 31 December 2025 (2024: €28.5m). The Company generated a profit for the year ended 31 December 2025 of €0.5m (2024: €0.9m profit). The company has faced a number of challenges throughout 2025, including but not limited to an overall decrease in the general projector market, a total market with surplus inventory, difficult economic conditions and the conflicts in the Middle East, and between Russia & Ukraine. These events have a wide-reaching impact on the company’s governance, supply chain, customer relationship and workforce. The company has managed to generate gross profit of €10.9m through inventory control, adjusted pricing strategy, adapting supply to maket demand and cost control, but sustained an operating loss of €0.2m in 2025. The company has considerable financial resources and as a consequence, the directors believe that the company is well placed to manage its business risks successfully, aided by continuous innovation in products, despite the continued uncertain economic outlook. The company has access to significant cash holdings as disclosed in the balance sheet on page 16 of these financial statements. This supports the company’s liquidity and longer-term viability, and provides the ability to withstand reasonably possible downside scenarios should they arise. In addition, the company has no external borrowings. The directors are therefore comfortable that the company is well-positioned to meet any challenges that lie ahead. The directors have prepared cashflow forecasts, running various sensitivities, including those that are considered unlikely, none of which resulted in the company running out of cash. After making enquiries and performing the analysis as described above, the directors have a reasonable expectation that the company and its subsidiaries have adequate resources to continue in operational existence throughout the period of assessment through to 31 August 2027. Accordingly, they continue to adopt the going concern basis in preparing the annual reports and financial statements.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. The Directors have reviewed all the assets and liabilities at the Balance Sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates.
Significant areas of estimation for the company include the expected future cashflows applied in measuring the impairment of debtors, estimated selling prices applied in determining the net realisable value of stocks and estimates of failure rates and returns in calculating an appropriate warranty provision.
The company is exempt from the requirement to prepare group financial statements under section 401 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Profit or Loss.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Revenue is recognised when we transfer control and performance obligations are met, usually on despatch of a product to a customer. Terms of the fee arrangement are detailed in the terms and conditions agreed with the customer. Performance obligations Where goods or services are transferred to the customer before the customer pays consideration, or before payment is due, Contract assets are recognised. Contract assets are included in the Balance Sheet and represent the right to consideration for products delivered.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Contract liabilities Customer deposits are recognised in the Balance Sheet when the company has received consideration but still has an obligation to deliver products.
The expected costs of fulfilling warranty obligations, as calculated on the basis of statistical information regarding failure rates and average repair costs are charged to the profit and loss account so as to recognise expected future costs in the same period as the sales to which they relate.
Costs related to fulfilling warranty obligations are charged against the warranty provision as incurred. The income from extended warranty sales is deferred and released over the period to which it relates on a straight-line basis.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of temporary differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
OECD Pillar 2
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) published the Pillar 2 model rules. These are aimed at ensuring that large corporate groups are subject to a minimum taxation at a rate of 15 percent in each jurisdiction where they operate. It is unclear if the Pillar 2 model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar 2 model rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on 23 May 2023 and 27 June 2023, respectively, the IASB and AASB issued amendments to IAS 12 ‘Income taxes’ introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognize or disclose information about deferred tax assets and liabilities related to the proposed OECD/ G20 BEPS Pillar 2 model rules. The Company continues to apply the temporary exception at 31 December 2025.
The company has recognised a balance of €426k (2024: Nil) as other non-operating income in the Profit and Loss Account. This relates to a payment received in 2025 following an insurance claim arising from a theft that ocurred in October 2024.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
- The contract involves the use of an identified asset; - The company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and - The company has the right to direct the use of the asset. For the leases of land and buildings and motor vehicles in which it is a lessee, the company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. At lease commencement date, the company recognises a right-of-use asset and a lease liability. The right of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of tangible fixed assets. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurement of the lease liability.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
On the balance sheet, right-of-use assets have been included in tangible assets and lease liabilities have been included in creditors: amounts falling due within one year and creditors: amounts falling due after more than one year. The company has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in the profit and loss account on a straight-line basis over the lease term. As at 31 December 2025, the company had two leased buildings, with original lease periods of 10 years for the first and 5 years for the second lease agreement. The existing contracts do not allow for early termination or extension. The company also had leased vehicles, with lease terms of up to three years, with options to extend where necessary. The existing contracts do not give an option to purchase the assets or guarantee the residual value of the leased assets at the end of the contract term.
Definted contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in Profit or Loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet.
The company discloses transactions with related parties that are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The cost of equity-settled transactions between the Group and its employees is recognised based on the fair value of the equity instruments granted at the date at which they are granted. The cost of the equity-settled share-based payment transaction is gradually recognised when service terms and performance conditions are met, and the equity recognized increases relatively.
Fair value is determined by using Black-Scholes pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the Company (market conditions) and non-vesting conditions. The accumulated expense from equity-settled share-based payment transactions before the end of every reporting period before the vesting date is a reflection on the passing of the vesting period at the best estimate for the number of equity instruments that will ultimately vest. The cumulative cost changes for the share based payment transactions will be recognised in the profit and loss account for the period. If ultimately, the instruments do not meet the vesting criteria, no expense shall be recognised. However, if the vesting conditions of the equity settled transaction are related to market conditions or non vesting conditions, when all service or performance conditions are met, related expenses are recognised irrespective of whether the market conditions or non-vesting conditions have been met. The costs of the options granted are booked in the Optoma Holding Limited, the parent of Optoma Europe Limited, and its subsidiaries based on the employees under the relevant region. The share based payments adjustment noted in the Statement of Changes in Equity on page 18 resulted due to the reversal of the share based payment expense previously recognised in relation to the Employee Share-Option Plan as vesting conditions were no longer expected to be satisfied.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial asset – recognition and measurement Financial assets are recognised when the entity becomes a party to the contract and, as a consequence, has a legal right to receive cash. All financial assets are initially measured at fair value plus, in the case of financial assets not recorded at fair value through the profit and loss account, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by egulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the ate that the company commits to purchase or sell the asset. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. The company classifies its financial assets in the following categories: at fair value through the profit and loss account; and loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. (a) Financial assets at fair value through the profit and loss account or at fair value through other comprehensive income There are no instruments which have been classified under this category. (b) Financial assets at amortised cost The company classifies its financial assets at amortised cost only if both of the following criteria are met: • the asset is held within a business model whose objective is to collect the contractual cash flows, and • the contractual terms give rise to cash flows that are solely payments of principal and interest. This category is the most relevant to the company. Impairment of financial assets In accordance with IFRS 9, the company applies the expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure: a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade receivables and bank balance. b) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of IFRS 15. For trade and other receivables, the company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses and trade receivables have been grouped based on shared credit risk characteristics and the days past due.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Financial instruments (continued)
Financial liabilities - recognition and measurement All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The company’s financial liabilities comprise of trade creditors, amounts owed to group undertakings and bank overdrafts. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: (a) Financial liabilities at fair value through the profit and loss acount (b) Loans and borrowings Financial liabilities at fair value through the profit and loss account include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through the profit and loss account. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. The company does not have any financial liabilities which are subsequently re-measured at fair value through the profit and loss account. De-recognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
Bank and cash balances are recorded at nominal value, and comprise cash on hand and bank deposits.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Notes to the Financial Statements
For the Year Ended 31 December 2025
9.Taxation (continued)
There were no factors that may affect future tax changes.
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Notes to the Financial Statements
For the Year Ended 31 December 2025
(a) Owned tangible fixed assets
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Notes to the Financial Statements
For the Year Ended 31 December 2025
10.Tangible assets (continued)
(b) Right-of-use assets
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Notes to the Financial Statements
For the Year Ended 31 December 2025
The company’s immediate parent undertaking is Optoma Holding Limited, a company incorporated in
England. The company’s ultimate parent undertaking and controlling party is Coretronic Corporation, a company incorporated in Taiwan. The largest and the smallest company in which the results of the company are consolidated is that headed by Coretronic Corporation, incorporated in Taiwan. The company financial statements of that company are available to the public and may be obtained from 11 Li-Hsin Road, Science-based Industrial Park, Hsin Chu, Taiwan ROC. An announcement was made on 27th April 2026 that the ultimate parent company, Coretronic Corporation, approved a plan to establish an investment holding company, CoreIntelligence Holdings Corporation, to enhance the efficiency of the Group’s strategic planning and increase flexibility in the development of new businesses. This plan is subject to final approvals from local governmental agencies in Taiwan.
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