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

The results of the Company are set out in the attached financial statements. The profit before taxation was £6,515K (2024: £18,020K which included profit on disposal of the Critical Care Unit of £10,333K) Turnover has decreased by 2%, primarily due to the disposal and cessation of the Critical Care Unit operations in the prior year. Excluding the impact of the disposal, the Company continued to experience strong underlying sales growth across its remaining business units.

Sales within the Transcatheter Heart Valve (THV) product line enjoyed further success with a large share of the UK and Ireland TAVI market.

Great strides have been taken in the Transcatheter Mitral and Tricuspid Therapies (TMTT) with continued adoption of the Pascal Precision Transcatheter Valve repair system, the Transcatheter Tricuspid Replacement device, Evoque. Also the launch of the SAPIEN M3 TMVR system.

In our Surgical division, we saw greater adoption of the Inspiris Resilia Aortic Valve and the Mitris Resilia Mitral replacement device.

Our continued growth and success depend on our ability to innovate and develop new and differentiated products in a timely manner and effectively market these products.

The principal risk facing the UK company arises from the fact that most of the sales are made to the NHS and as a result are reliant on NHS purchasing activity and the on-going centralisation of its purchasing organisation. The company therefore operates in an environment where less costly products and treatments may be seen as an attractive way to save funds in the short term and so a highly innovative and specialised company such as Edwards must therefore demonstrate the importance of better outcomes and the longer-term benefits that our products bring.

The company continues to monitor developments within the UK healthcare market, including changes to NHS procurement frameworks, pricing and rebate arrangements, together with regulatory developments affecting the healthcare sector and the cross-border movement of products and people.

We believe that we are a leading global competitor in each of our product lines. In Transcatheter Aortic Valve Replacement, our primary competitors include Medtronic PLC, Abbott Laboratories (“Abbott”), and Meril.

In Transcatheter Mitral and Tricuspid Therapies, our primary competitor is Abbott, and there are a considerable number of large and small companies with development efforts in these fields.

In Surgical Structural Heart, our primary competitors include Medtronic PLC, Abbott, and Artivion UK Limited.

In line with the above-mentioned success mentioned in KPI’s, including a high level of revenue and profit growth from launch of new technologies, the company's financial level at the end of 2025 was considered strong.

The companys primary KPI is gross revenue. The reported gross revenue decreased by 2% to £193,793K (2024: £197,923K), reflecting the disposal of the Critical Care unit completed in September 2024. Excluding the £12,510K of discontinued-operations revenue in the prior year, gross revenue from continuing operations grew by approximately 4.5%, reflecting strong underlying demand across the THV, TMTT, and Surgical Structural Heart franchises. The Companys secondary KPI remains compliance with all relevant regulations and medical-technology industry standards, and the timely commercialisation of new products.

The medical technology industry is highly competitive. We compete with divisions of larger companies as well as smaller companies that offer competitive product lines in certain geographies in which we operate. We also compete with both established and newer technologies that target the patients served by our products. New product development and technological change characterise the areas in which we compete. Our present or future products could be rendered obsolete or uneconomical because of technological advances by one or more of our present or future competitors or by other therapies, including drug therapies. We believe we hold leadership positions because we develop and produce safe and effective therapies supported by rigorous clinical studies with extensive data and with innovative features that can enhance patient benefit and product performance and reliability, as well as benefit healthcare systems. The benefits associated with our products are in part due to the level of customer and clinical support we provide.

The cardiovascular segment of the medical technology industry is dynamic and subject to significant change due to cost-of-care considerations, regulatory reform, industry and customer consolidation, and evolving patient needs. The ability to provide products and technologies that demonstrate value and improve clinical outcomes is becoming increasingly important for medical technology manufacturers.

Edwards continues to monitor changes in the regulatory environment and adapts to any developments.

As required by Section 172 of the Companies Act 2006, the directors of the company are committed to upholding its duty to promote the long-term success of the company. In making key decisions, the directors note the interests of a wide range of stakeholders, including employees, customers, suppliers, the environment, and the wider community, while ensuring sustainable value creation for shareholder.

Stakeholder Considerations

The directors recognise that a successful business depends on strong relationships with all stakeholders. During the year, the company has engaged with the following stakeholder groups:

Employees

The well-being and development of our employees are fundamental to our success. We have continued to invest in training, personal development, and workplace safety initiatives. Employee engagement survey called myVoice, have been used to gather feedback, with actions taken to address areas of concern, ensuring a positive working environment.

Customers

The company strives to provide high-quality products and services that meet customer needs. Regular feedback mechanisms have been maintained to understand customer requirements better and drive innovation. Our customer-centric approach ensures long-term business relationships and mutual growth.

Suppliers

Edwards Group, of which the company forms part of, recognises the importance of sustainable and responsible supply chains. The ‘Group’ continues to foster partnerships with suppliers that align with our values of ethical business practices and environmental responsibility. We have improved transparency and communication to ensure resilience and reliability in our supply chains.

Community and Environment

As part of our commitment to corporate responsibility, the company has taken steps to minimise our environmental impact. We have set clear goals for reducing carbon emissions, waste, and water consumption, and we continue to explore new ways to integrate sustainable practices into our operations. In addition, we actively engage with local communities through charitable initiatives and support for social causes.

Shareholders

The directors are committed to delivering sustainable value to its parent company as well as to the parent company’s shareholders. The directors of the company and parent company maintain an open dialogue, ensuring transparency and trust. Regular updates are provided through annual general meetings, financial reports, and other communications, ensuring that the parent company and the parent company’s shareholders are kept informed of key decisions and company performance.

Long-term Impacts and Risk Management

In line with our responsibilities under Section 172, the directors carefully consider the long-term impact of its decisions on the company’s future performance. We ensure that all strategic decisions are made with a balance between immediate outcomes and future sustainability. Risk management processes have been strengthened to address both short- and long-term challenges, including market fluctuations, regulatory changes, and environmental concerns.

By considering the interests of all stakeholders, the company remains well-positioned to achieve sustainable growth and long-term success, whilst upholding its core values of responsibility, integrity, and innovation.

This statement reflects the company’s commitment to complying with Section 172 of the Companies Act and ensuring that all decisions are made with due regard to the interests of stakeholders and the long-term success of the business.

Energy and carbon report 2025

Edwards Lifesciences Limited is committed to achieving Net Zero emissions by 2045. As we pursue our patient focused innovation strategy, Edwards understands the importance of addressing climate change and is committed to implement projects for decreasing our greenhouse gases (GHG) emissions until reaching Net Zero emissions. Edwards Lifesciences Limited’s business has grown by a compound annual rate of approximately 11% since 2019. As we continue to grow, we increase the number of employees, and the number of products that we place into the market. This results in an increase of our total emissions in absolute numbers.

Emissions that we can directly influence are decreasing whereas supply chain emissions are rising due to business growth. However, taking the growth into consideration, we are reducing our emissions on a per gross profit basis. Our office is supplied by fully renewable electricity with zero CO2 emissions and therefore, our electricity consumption related CO2 emissions are equal to zero (0). Edwards' Scope 3 emissions in the category 9 Downstream transportation and distribution are equal to zero (0).

Edwards products are delivered directly to point of use/sale (hospitals) and are not transported between retail locations or distribution centres after sale. All outbound transportation and distribution services to point of use/sale are paid for by Edwards. In accordance with the GHG Protocol Corporate Value Chain Standard, all emissions from inbound and outbound transportation paid for by the reporting entity are excluded from the category 9 Downstream transportation and distribution and are instead included in the category 4 Upstream transportation and distribution.

Baseline emissions are a record of the greenhouse gases that have been produced in the past and were produced prior to the introduction of any strategies to reduce emissions. Baseline emissions are the reference point against which emissions reduction can be measured. On the basis that 2019 had the most accurate data for our emissions, this was chosen as our baseline year against which emissions reduction can be measured.

Energy consumption has been reported and recorded in accordance with an environmental management system based on ISO 14001:2015. To record and report Edwards related CO2 emissions we have used the GHG Reporting Protocol corporate standard and the appropriate emission conversion factors for greenhouse gas company reporting from the UK Government GHG Conversion Factors for Company Reporting. The breakdown of energy use and emissions is detailed below (SECR dataset).

Energy use and emissions (SECR)

Data source: SECR workbook (SECR UK Report Data 2025.xlsx).

Compared with 2024, 2025 energy consumption decreased from 234,368 kWh to 98,731 kWh (-57.9%), and total Scope 1+2 emissions decreased from 55.20 tCO2e to 22.74 tCO2e (-58.8%). Revenue decreased from £197.923K to £193.793K (-2%), and the resulting intensity ratio improved from 0.279 to 0.117 tCO2e/£m (-58.1%).

Emissions reduction targets

At Edwards Lifesciences Limited, a UK subsidiary of Edwards Lifesciences Corporation, we recognise that safe and environmentally responsible operations bring shared value to our patients, our employees, our stakeholders, and the communities in which we operate. Edwards Lifesciences Corporation has globally adopted a plan to achieve carbon neutrality by the year 2030 and 1.5°C science-based targets. Edwards has committed to set and achieve targets approved by the Science-based Targets Initiative (SBTi). This global environmental goal has a direct impact on the Edwards UK subsidiary, and it sets targets for decreasing its emissions to achieve Net Zero by 2045.

To continue our progress to achieving Net Zero, we have adopted the following carbon reduction targets, and we are working on the following projects:

• We are committed that our car fleet will be zero emitters. We strive to achieve this goal by 2035. Our existing car policy is preferential to electric vehicles over classic petrol cars and prohibits the use of diesel engines. Close monitoring of fuel consumption per driver motivates our employees to reduce emissions

• Our office is powered by 100% renewable electricity. The electricity we use is mainly produced by offshore and onshore wind and to lesser extent by solar power plant and hydropower plant. We are committed to keeping this approach and will verify the sources of energies with our supplier.

• On average, 52% of the waste generated in our office is separated and recycled. Our objective for next years is to continue increase the recycled waste by 5% per year. Our employee engagement programme, as described in our Environmental Management System, focuses on motivating employees to contribute fully to this target. Some of our motivational activities include recycling competitions, local litter picks and an increase in informative communications to our staff encouraging them to recycle at the office.

• A sustainable travel guide has been published to foster greater sustainability in business travel. The guideline promotes sustainable travel practices and outlines preferred modes of transportation. We are committed to decrease emissions from business travel by at least a normalised rate of 10% by 2030.

Emissions reduction targets (Continued)

• We are motivating employees via our benefits scheme to preferably use public transportation over personal vehicles. Sustainability/carbon reduction criteria are part of our employee benefits scheme selection, including motivation to reduce carbon dioxide and other greenhouse gases footprint. Commuting emissions decreased below our baseline level in 2024 indicating positive impact of employees’ awareness. Our target for 2025 is to continue decrease commuting emissions by a normalised 5%

• Since March 2023, we have been shipping approximately 40% of our total volume of products to the UK via alternative routes. This has directly impacted our scope 3 / Category 4, upstream transportation and distribution emissions.

• Our regional supplier selection process describes sustainability/carbon reduction commitments as a significant criterion for our vendor selection and monitoring process. Our objective is to engage only with suppliers that follow Carbon Reduction Plans which commit to UK government net zero ambitions. We operate a UK Environmental Management System based on ISO 14001:2015 set up principles designed to engage and motivate all employees to be able to contribute toward and the achievement of Edwards’s global and local environmental objectives including those stated above. At the beginning of 2024 we successfully undergone a recertification audit.

Assuming we achieve the planned reduction in our emissions, we project that our carbon emissions will continue to reduce towards our 2030 ambition. This represents a total reduction of at least 49% on a normalised basis.

On behalf of the board

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

The principal activity of the company continued to be the sale and distribution of medical devices within the UK and the Republic of Ireland.

Edwards Lifesciences Limited is focused on technologies that treat structural heart disease and critically ill patients. The products and technologies provided by Edwards Lifesciences Limited are categorised into the following main groups: Transcatheter Aortic Valve Replacement (“TAVR”), Transcatheter Mitral and Tricuspid Therapies (“TMTT”), and Surgical Structural Heart (“Surgical”).

During the current and prior year, the Company operated a branch in the Republic of Ireland.

The results for the year are set out on page 13 -14.

Ordinary dividends were paid during the year amounting to £21,000K (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:

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

The company’s principal foreign currency exposures arise from trading with overseas companies. The Ireland branch transacts in Euro but overall exchange risk remains immaterial.

All customers who wish to trade on credit terms are subject to credit verification procedures.

We believe in empowering our employees and providing avenues that enable their voices to be heard. We conduct a multilingual global employee survey, called myVoice, to gain employees' feedback in a confidential manner.

The CEO and Executive Leadership Team hold themselves accountable to consider and act on the results of the survey, and these results are reviewed by management with our Board of Directors. This initiative helps us gain insights on various topics including patient focus, diversity, inclusion and belonging, quality, innovation, engagement, as well as a sense of support at all levels of the organization.

Speak-Up is a resource available to all employees to bring forth compliance related concerns; a key element of our compliance program is that each employee is accountable for maintaining ethical business practices. In addition, during each quarterly townhall meeting, our CEO answers questions that have been submitted to him by employees. Answers to questions that are not covered in the townhall meeting are posted online internally.

At Edwards, we seek to foster strong relationships with customers. We maintain regular face to face contact with customers through our territory account manager and clinical specialist teams. We continually seek to build strong relationships across our supplier network by paying on time, communicating on a regular basis, and conducting a rigorous supplier program as part of our procurement activity.

The Directors expect Edwards Lifesciences Limited to continue focusing on structural heart therapies following the disposal of its Critical Care business unit, completed on 3 September 2024. This strategic shift aligns with the Group’s global priorities and strengthens the Company’s core operations in the UK and Ireland. Future plans include continued investment in clinical education, R&D, and regulatory compliance, particularly in adapting to the UK’s post-Brexit medical device framework. The Company will also pursue digital supply chain enhancements and maintain strong relationships with key partners such as the NHS Supply Chain.

Despite ongoing economic and regulatory challenges, the Directors believe the Company is well-positioned for stable growth, supported by its strong financial position and Group backing.

In preparing the financial statements, the directors have considered the ability of the company to continue as a going concern. The company made a profit before tax for the year ended 31 December 2025 of £6,515K (2024: £18,020K) and at the balance sheet date had net current assets of £18,910K (2024: £35,994K), total assets less current liabilities of £19,115K (2024: £36,231K) and net assets of £19,114K (2024: £36,200K). The reduction reflects the £21,000K ordinary dividend paid to the parent during the year.

The directors have reviewed the latest financial information and prepared cash flow forecasts covering a period of at least twelve months from the date of approval of the financial statements, including consideration of all known contractual cash commitments, expected trading performance and working capital requirements. The forecasts have been compared to available cash resources and existing group funding arrangements.

The company continues to operate as part of the wider Edwards group and benefits from ongoing parental support and established group cash management arrangements. The directors have also considered the potential impact of changes in NHS procurement frameworks and pricing arrangements, together with broader economic and regulatory developments, in assessing the company’s future performance and liquidity.

Based on this assessment, the directors have concluded that the company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that may cast significant doubt upon the company’s ability to continue as a going concern. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

The auditor, Craufurd Hale Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

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.

We have audited the financial statements of Edwards Lifesciences Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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, 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.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, UK Tax legislation, Medicines and Healthcare products Regulatory Agency regulations and Medical Device Regulations.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Fraud and breaches of laws and regulations - ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Using analytical procedures to identify any unusual or unexpected relationships.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

- Detailed reviews of the company's bank statements, testing all transactions deemed unusual and a sample of large material bank transactions.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make in appropriate accounting entries.

We did not identify any additional fraud risks.

We performed procedures including identifying journal entries to test based on risk criteria and comparing identified entries to supporting documentation. These included those posted to unrelated accounts, those posted containing key words, and those posted to an account linked to a fraud risk.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience, and through discussions with the directors and other management (as required by auditing standards), and from inspection of the Company's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and tax legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We did not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our 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.

Edwards Lifesciences Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cannon Place, 78 Cannon Street, London, EC4N 6AF.

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.

The following principal accounting policies have been applied:

The company has taken advantage of the following disclosure exemptions in preparing these financial statements as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

• The requirements of Section 7 Statement of Cash Flows

• The requirements of Section 33 Related Party Disclosure paragraph 33.7 - refer to note 20

The information is included in the consolidated financial statements of Edwards Lifesciences Corporation as at 31 December 2025 and those financial statements may be obtained from Edwards.com

Statement of Cash flow

The directors have taken advantage of the exemption in FRS 102 from including a statement of cash flow in the financial statements on the grounds that the company is wholly owned and its parent publishes group financial statements.

In preparing the financial statements, the directors have considered the ability of the company to continue as a going concern. The company made a profit before tax for the year ended 31 December 2025 of £6,515trueK (2024: £18,020K) and at the balance sheet date had net current assets of £18,910K (2024: £35,994K) , total assets less current liabilities of £19,115K (2024: £36,231K) and net assets of £19,114K (2024: £36,200K). The reduction reflects the £21,000K ordinary dividend paid to the parent during the year.

The directors have reviewed the latest financial information and prepared cash flow forecasts covering a period of at least twelve months from the date of approval of the financial statements, including consideration of all known contractual cash commitments, expected trading performance and working capital requirements. The forecasts have been compared to available cash resources and existing group funding arrangements.

The company continues to operate as part of the wider Edwards group and benefits from ongoing parental support and established group cash management arrangements. The directors have also considered the potential impact of changes in NHS procurement frameworks and pricing arrangements, together with broader economic and regulatory developments, in assessing the company’s future performance and liquidity.

Based on this assessment, the directors have concluded that the company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that may cast significant doubt upon the company’s ability to continue as a going concern. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

The Company generates nearly all of its revenue from direct product sales and sales of products under consignment arrangements.

Revenue from the direct sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from sales of consigned inventory is recognised at a point in time when the performance obligation is satisfied which is once the product has been implanted or used by the customer. The Company periodically reviews consignment inventories to confirm the accuracy of customers reporting.

The Company also generates a small portion of its revenue from service contracts, which is recognised over the term of the contracts which is typically 12 to 36 months.

The amount of consideration the company receives is after taking into account sales rebates, early payment discounts, and other incentives that the company may offer.

The company offers volume rebates to certain customers based upon targeted sales levels. Volume rebates offered to customers are recorded as a reduction to sales and either as a reduction to accounts receivable if the company expects a net payment from the customer, or within creditors: amounts falling due within one year if the rebate exceeds the accounts receivable balance. The provision for volume rebates is estimated based upon customers’ contracted rebate programs, projected sales levels, and historical experience of rebates paid. The company periodically monitors its customer rebate programs to ensure that the allowance and liability for accrued rebates is fairly stated.

Tangible fixed assets are measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets 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.

Annually, the company reviews the carrying amounts of the assets it places in hospitals to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the asset is written down.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents represents cash in hand and bank.

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.

Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price.

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 are classified according to the substance of the contractual arrangements entered into. Apart from its Ordinary shares, the company has no equity instruments.

Basic financial liabilities, including trade and other payables, are recognised at transaction price.

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

The only equity instruments are the Ordinary shares. Dividends payable 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 income statement 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.

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date set by the group, because the majority are inter-company balances. Transactions in foreign currencies are recorded at the rates set for each month on a Europe-wide basis within the group. Conversion differences are taken to the Income Statement. Translation differences relating to the Irish branch are reflected in the Statement of Comprehensive Income.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of liabilities that are not readily apparent from other sources. These are based on historical experience and other relevant factors, with actual results potentially differing from those estimates.

Key areas of judgement include the recoverability of debtors, depreciation of fixed assets, bonus accruals, and rebate provisions. Trade debtors, primarily arising from direct and consignment sales with terms of 30 to 90 days, are assessed for impairment based on customer history, ageing, economic conditions, and historical loss trends. Irrecoverable amounts are written off to the profit and loss account.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company offers volume rebates to certain customers based upon targeted sales levels. The provision for volume rebates is estimated based upon customers’ contracted rebate programs, projected sales levels, and historical experience of rebates paid. The company periodically monitors its customer rebate programs to ensure that the allowance and liability for accrued rebates is fairly stated.

An analysis of the company's turnover is as follows:

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

Their aggregate remuneration comprised:

The total key management remuneration paid in the period totalled £243,000 (2024: £220,000).

Directors remuneration has been borne by the parent undertaking, Edwards Lifesciences Corporation. These directors are also directors or officers of a number of other companies within the Edwards Lifesciences group. The directors services to the company do not occupy a significant amount of their time. As such these directors do not consider that they have received any remuneration for their incidental services to the company for the years ended 31 December 2025 and 31 December 2024.

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

The Company falls within the scope of the Pillar Two legislation based on the consolidated revenue thresholds of the Group.

The impact of these rules on the Company’s 2025 financial statements is as follows:

No Pillar Two Qualified Domestic Minimum Top-up Tax (“QDMTT”) has been recognised for the reporting period, as the Company’s effective tax rate, based on the Qualified Country-by-Country Reporting (“CbCR”) safe harbour calculations, does not give rise to a top-up tax liability.

During the current reporting period, the Company recognised an Undertaxed Profits Rule (“UTPR”) top-up tax allocation. This allocation reflects:

• the existence of low-taxed profits within the Group that were not fully mitigated by an Income Inclusion Rule (“IIR”) or QDMTT; and

• the application of the allocation methodology for UTPR jurisdictions based on the number of employees and the carrying value of tangible assets.

Trade debtors are non-interest bearing and are typically settled on terms of 30 to 60 days.

Trade creditors are non-interest bearing and are typically settled within 30 to 60 days. Amounts owed to group undertakings arise in the ordinary course of business and are interest-bearing, with interest payable quarterly.

Included in other creditors is the rebate provision totalling £20,650,000 (2024: £16,119,000). The recognition of the rebate provision has been disclosed in note 2 of these financial statements.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The company contributes to 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.

Operating lease payments represent rentals payable by the company for its properties and for vehicle leases.

As at 31 December 2025, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company is a wholly owned subsidiary of Edwards Lifesciences Corporation. Accordingly, the company has taken advantage of the exemption under FRS 102 section 33 not to disclose transactions with other group companies which meet the criteria that all subsidiary undertakings which are party to transactions are wholly owned by the ultimate controlling parent. Other than the remuneration paid to key management personnel as disclosed in note 7, there were no other related party transactions during the year. 

Edwards Lifesciences (U.S.) Inc., a company incorporated in USA, is the immediate parent company.

The ultimate parent company is Edwards Lifesciences Corporation which is incorporated in the USA, and is the largest group of undertakings for which group accounts are drawn, Edwards Lifesciences Corporations registered office is at One Edwards Way, Irvine, California 92614. Copies of the consolidated accounts can be obtained from that address and are available online at edwards.com.